Sanyo to admit incorrect dividend payments -sources
TOKYO, Dec 23 (Reuters) - Sanyo Electric Co (6764.T) plans to acknowledge that it made incorrect dividend payments worth 28 billion yen ($245.5 million) during 2002-2004, despite an earnings shortfall, sources close to the matter told Reuters on Sunday.
The company is due to make an announcement on the matter on Tuesday.
The sources said these dividend payments were made for five half-year periods spanning from the half-year ended September 2002 to the half-year ended September 2004.
The struggling consumer electronics maker said in February that it is considering restating its parent-only earnings for the four years to March 2004, following a report it may have failed to account for large losses.
The Nikkei business daily said this month that Japan's securities watchdog will recommend that the Financial Services Agency fine Sanyo Electric about 8.3 million yen for inflating figures in its parent-only earnings report.
Sanyo, which posted a net loss in the three business years to March, is being restructured with the help of shareholder Goldman Sachs (GS.N), (Reporting by Miho Yoshikawa; editing by Louise Heavens)
