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Provider: Reuters Investment Profile
Provider: Reuters Investment Profile

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Olympus Corp Announces Prosecution by UK Serious Fraud Office

Tuesday, 3 Sep 2013 11:00pm EDT 

Olympus Corp announced that the Company and its subsidiaries have been under investigation by the UK Serious Fraud Office (the “SFO”) in connection with its past activities in deferring the posting of losses as referred to in the press release titled “Notice Concerning Past Activities Regarding Deferral in Posting of Losses” on November 8, 2011. The Company has been cooperating fully with the SFO’s investigation. Having completed its investigation, the SFO has decided to bring a prosecution against the Company and Gyrus Group Limited, a United Kingdom-based subsidiary of the Company (“GGL”) on charges of breaching Section 501 of the UK Companies Act of 2006. The Company and GGL received requisitions issued by the SFO on September 3, 2013. Section 501 of the UK Companies Act 2006 provides the charges against certain person who made misleading or deceptive explanation to the auditors in connection with financial accounting of a UK company. The charges against the Company and GGL allege that certain representations made to the auditors of GGL in the documents related to GGL’s financial accounts for the fiscal years 2009 and 2010 were misleading, false or deceptive in a material particular, contrary to Section 501 of the UK Companies Act of 2006. After a hearing date before the Magistrates’ Court, it is expected that the matter will be transferred to the Crown Court for the future steps of the proceedings. 

Company Quote

-30.0 -0.67%
1:00am EST