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Olympus revises its earnings
Source: Agencies |
December 15, 2011, Thursday
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OLYMPUS Corp submitted revised earnings reports yesterday, meeting a deadline to avoid being removed from the Tokyo Stock Exchange. It still risks getting delisted later on because of an accounting scandal.
The piles of documents for the reports dating back five years were accepted by financial regulators three hours before the deadline expired. The Tokyo bourse has the final say in deciding whether to boot out the once prestigious Japanese camera and medical equipment maker, and is still investigating the company's dubious accounting.
The deception at Olympus, dating back to the 1990s, to hide 117.7 billion yen (US$1.5 billion) in investment losses came to light when former president and chief executive Michael Woodford blew the whistle, questioning expensive acquisitions and exorbitant fees for financial advice.
Woodford, a 51-year-old Briton and a rare foreigner to lead a major Japanese company, was fired in October after confronting Olympus directors.
He returned to Japan this week to meet with investors and lawmakers and to try to lead a turnaround at Olympus. Last month, he visited to meet police and other investigators.
Woodford has said he wants to fix Olympus and has expressed hopes shareholders will back him. Woodford has also repeatedly said that he hopes Olympus will not be delisted.
Olympus did not have an immediate comment. President Shuichi Takayama has scheduled a news conference today to go over the earnings filings. Olympus has said the cover-up losses were recouped over the years.
The company reported in its corrected documentation a loss of 32.3 billion yen for the first half of the fiscal year, through September, a reversal from a 3.8 billion yen profit the same period a year earlier.
Takayama, who took helm after the scandal broke, has said Woodford lacks the right teamwork style to lead the company, although now acknowledges the positive side of Woodford's whistleblowing. Olympus initially denied any wrongdoing and lambasted Woodford. It is still unclear if Woodford will manage a comeback. Some people, such as former board member Koji Miyata, see him as a hero and have begun an online campaign to bring back Woodford.
No one has been charged in the scandal. But Olympus management has said several top officials were involved in the scheme and has promised to probe 70 officials, including former and current executives and auditors, to pursue possible criminal charges.
The piles of documents for the reports dating back five years were accepted by financial regulators three hours before the deadline expired. The Tokyo bourse has the final say in deciding whether to boot out the once prestigious Japanese camera and medical equipment maker, and is still investigating the company's dubious accounting.
The deception at Olympus, dating back to the 1990s, to hide 117.7 billion yen (US$1.5 billion) in investment losses came to light when former president and chief executive Michael Woodford blew the whistle, questioning expensive acquisitions and exorbitant fees for financial advice.
Woodford, a 51-year-old Briton and a rare foreigner to lead a major Japanese company, was fired in October after confronting Olympus directors.
He returned to Japan this week to meet with investors and lawmakers and to try to lead a turnaround at Olympus. Last month, he visited to meet police and other investigators.
Woodford has said he wants to fix Olympus and has expressed hopes shareholders will back him. Woodford has also repeatedly said that he hopes Olympus will not be delisted.
Olympus did not have an immediate comment. President Shuichi Takayama has scheduled a news conference today to go over the earnings filings. Olympus has said the cover-up losses were recouped over the years.
The company reported in its corrected documentation a loss of 32.3 billion yen for the first half of the fiscal year, through September, a reversal from a 3.8 billion yen profit the same period a year earlier.
Takayama, who took helm after the scandal broke, has said Woodford lacks the right teamwork style to lead the company, although now acknowledges the positive side of Woodford's whistleblowing. Olympus initially denied any wrongdoing and lambasted Woodford. It is still unclear if Woodford will manage a comeback. Some people, such as former board member Koji Miyata, see him as a hero and have begun an online campaign to bring back Woodford.
No one has been charged in the scandal. But Olympus management has said several top officials were involved in the scheme and has promised to probe 70 officials, including former and current executives and auditors, to pursue possible criminal charges.
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