Read
- Romney clawing his way back in Republican race
|
- Putin praises Cold War moles for stealing U.S. nuclear secrets
- Afghan soldier "kills two NATO troops" at protests
- Whitney Houston Open Casket Photo Graces National Enquirer Cover
- 'Seinfeld' Actor in Critical Condition After Apparent Suicide Attempt (Report)
Olympus offices to be raided this week: report
The Olympus logo on its camera is seen in this illustrative photograph taken in Tokyo November 24, 2011.
Credit: Reuters/Kim Kyung-Hoon
TOKYO |
TOKYO (Reuters) - Tokyo police, prosecutors and the securities watchdog will likely launch a raid on the offices of disgraced Olympus Corp this week on suspicion the company falsified financial accounts, Kyodo News has reported, citing investigative sources.
The raid has been expected to follow a re-statement of Olympus's financial records, which were presented on December 14 and revealed a $1.1 billion dent in its balance sheet after a 13-year fraud.
The planned search by Tokyo prosecutors, likely to be conducted jointly with police and the Securities and Exchange Surveillance Commission, follows mounting allegations that former Olympus executives led the accounting fraud, Kyodo said.
Kyodo cited the sources as saying prosecutors hoped to build cases by the end of March against former Chairman and President Tsuyoshi Kikukawa, former corporate auditor Hideo Yamada, and former Executive Vice President Hisashi Mori.
Former employees at major securities companies could also be implicated for allegedly abetting the fraud, it added.
Olympus, a maker of cameras and medical equipment, spent hundreds of millions of dollars on dubious M&A deals as part of an attempt to hide investment losses from investors for 13 years.
The company last week filed five years worth of corrected financial statements, plus overdue first-half results, just hours before a Tokyo Stock Exchange deadline that could have seen it automatically delisted.
(Reporting by Chang-Ran Kim; Editing by Paul Tait)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
A light bulb lit up… Perhaps we need news stories detailing DEA plans the weekend prior to pending drug raids, you know, to give employees of cartels ample time to flush tons of cocaine and meth down toilets? Just a constructive thought in light of this news report.
What an absolute farce this whole Olympus saga is. The Old Boys regulate themselves even worse than we did on Wall Street the past 10 years. Olympus’s big problem is all the old fools running the place: www.WeWereWallStreet.com/Olympus-Senior-Citizen-Problem.html
Nothing’s going to change there. Why anyone would put any money into that market is beyond us.
Follow Reuters