Japanese tech giant Toshiba is facing a record fine of 7.37bn yen (€55.4m) for its multi-billion dollar accounting scandal.

The fine was recommended by the Securities and Exchange Surveillance Commission (SESC) to the Financial Services Agency, which imposes penalties for such violations.

It stems from the company overstating its profits by $1.3 billion over seven years. The fine still needs to be approved by the Financial Services Agency, but it tends to back the SESC’s recommendations.

The move was widely expected after Toshiba said it had put aside 8.4 billion yen to pay for potential fines.

The recommendation also comes on the same day as a lawsuit by 50 individual shareholders, who are seeking $2.45 million damages from Toshiba after its stock plunged following the accounting scandal.

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