The Tokyo Stock Exchange announced Thursday that it has decided to delist Kanebo Ltd. on June 13 over a massive case of accounting fraud.
"We decided to delist the company after we found its fraudulent financial reporting was gravely damaging investors' trust in the stock market," TSE President Takuo Tsurushima told a news conference.
On April 13, Kanebo announced that an internal probe revealed that former management dressed up its earnings reports by a total of 200 billion yen over a five-year period beginning in fiscal 1999.