'Rotten' Olympus facing delisting
Source: Bloomberg News |
December 7, 2011, Wednesday
|
Print Edition
Print Edition
OLYMPUS Corp risks being delisted even if it makes a December 14 deadline to announce earnings, the Tokyo Stock Exchange said after the release of an independent report into false accounting by the Japanese camera maker.
Senior management was "rotten to the core" and corrupted other layers of executives that touched it, according to the report of a panel investigating Olympus's schemes to cover up 135 billion yen (US$1.7 billion) in losses and payments to advisers dating back decades.
Failings by auditors and aid from banks in Europe and Singapore helped hide the losses, it said.
The exchange's statement may undermine a rebound in Olympus shares since the company first admitted on November 8 to using inflated takeover costs and advisory fees to hide investment losses dating back decades.
Investigators in Japan, the US and the UK are still probing the transactions amid allegations kickbacks may have gone to organized crime.
Olympus said in a statement it accepts the panel's report and that it will make all efforts to ensure it isn't delisted.
The Tokyo exchange said the report showed Olympus would have to restate its financial reports.
The panel said it found no evidence that money was funneled to antisocial forces, a byword for criminal gangs.
Senior management was "rotten to the core" and corrupted other layers of executives that touched it, according to the report of a panel investigating Olympus's schemes to cover up 135 billion yen (US$1.7 billion) in losses and payments to advisers dating back decades.
Failings by auditors and aid from banks in Europe and Singapore helped hide the losses, it said.
The exchange's statement may undermine a rebound in Olympus shares since the company first admitted on November 8 to using inflated takeover costs and advisory fees to hide investment losses dating back decades.
Investigators in Japan, the US and the UK are still probing the transactions amid allegations kickbacks may have gone to organized crime.
Olympus said in a statement it accepts the panel's report and that it will make all efforts to ensure it isn't delisted.
The Tokyo exchange said the report showed Olympus would have to restate its financial reports.
The panel said it found no evidence that money was funneled to antisocial forces, a byword for criminal gangs.
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