World

Scandal-hit Toshiba cuts 6,800 jobs, sells Indonesia plant, sees annual loss of $4.5 billion

Scandal-plagued Japanese manufacturer Toshiba Corp. is cutting 6,800 jobs after projecting a net loss of 550 billion yen ($4.5 billion) for the fiscal year through March 2016.

Toshiba said Monday it will slash the jobs in its personal computer, video product and consumer electronic businesses. The job cuts equal about 3 percent of Toshiba's overall employees. It is also selling its TV plant in Indonesia.

Toshiba, which also makes nuclear power plants, has repeatedly apologized after acknowledging it had systematically doctored its books over several years to inflate profits by 152 billion yen ($1.3 billion).

Officials have said that mangers set unrealistic earnings targets and subordinates faked results.

The scandal at one of the nation's top brands highlights how Japan is still struggling to improve corporate governance.