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Feb 16, 2012

Tokyo prosecutors quiz ex-Olympus president, others to follow – media

TOKYO, Feb 16 (Reuters) – Three former executives of
Japan’s disgraced Olympus Corp face possible arrest
this week over their role in a $1.7 billion accounting fraud at
the maker of medical equipment and cameras, Japanese media said
on Thursday.

Japanese prosecutors began questioning one of the
trio, ex-president Tsuyoshi Kikukawa, Jiji news agency said. Two
others were also expected to be summoned, with arrests to follow
if allegations against them are firmed up, the Yomiuri and
Nikkei newspapers said.

Jan 17, 2012

SMFG, Sumitomo in $7.3 bln deal for RBS Aviation

Jan 17 (Reuters) – Japan’s Sumitomo Mitsui Financial
Group (SMFG) and Sumitomo Corp are buying the
aircraft-leasing business of part-nationalised Royal Bank of
Scotland, the Japanese companies confirmed on Tuesday,
in a deal worth $7.3 billion.

RBS Aviation is being sold as RBS shrinks back to its core
British retail and commercial banking business. It marks the
biggest disposal since the bank started aggressively downsizing
when the UK taxpayer was forced to rescue it just over three
years ago, giving the state 83 percent ownership.

Dec 14, 2011

Olympus reveals $1 bln balance sheet hit, takeover talk resurfaces

TOKYO (Reuters) – Japan’s disgraced Olympus Corp (7733.T: Quote, Profile, Research) ironed out its crooked accounts on Wednesday, unwinding a 13-year fraud to reveal a $1.1 billion dent in its balance sheet and igniting speculation it would need to merge or sell assets to repair its finances.

The maker of cameras and medical equipment filed five years’ worth of corrected statements, plus overdue first-half results, just hours before a deadline set by the Tokyo Stock Exchange, which would have delisted the firm if it had failed.

Dec 14, 2011

Japan’s Olympus fixes crooked accounts; takeover talk

TOKYO (Reuters) – Japan’s disgraced Olympus Corp ironed out its crooked accounts on Wednesday, unwinding a 13-year fraud to reveal a $655 million (423 million pound) dent in its balance sheet and igniting speculation it would need to merge or sell assets to repair its finances.

The maker of cameras and medical equipment filed five years’ worth of corrected statements, plus its overdue first-half results, just hours before a deadline set by the Tokyo Stock Exchange, which would have delisted the firm if it had failed.

Dec 14, 2011

Japan’s Olympus fixes crooked accounts; takeover talk resurfaces

TOKYO, Dec 14 (Reuters) – Japan’s disgraced Olympus
Corp ironed out its crooked accounts on Wednesday,
unwinding a 13-year fraud to reveal a $655 million dent in its
balance sheet and igniting speculation it would need to merge or
sell assets to repair its finances.

The maker of cameras and medical equipment filed five years’
worth of corrected statements, plus its overdue first-half
results, just hours before a deadline set by the Tokyo Stock
Exchange, which would have delisted the firm if it had failed.

Dec 7, 2011

Olympus sets up panel to pursue scandal’s wrongdoers: report

TOKYO (Reuters) – Japan’s scandal-ridden Olympus Corp decided on Wednesday to set up an outside panel to advise on whether it should take legal action or make criminal complaints against those who cooked the firm’s books, Kyodo news agency said.

The news follows the release on Tuesday of the findings of a separate investigative panel, which concluded that several former Olympus executives spent 13 years on a $1.7 billion scheme to hide losses off the company’s balance sheet.

Dec 7, 2011

Olympus sets up panel to pursue scandal’s wrongdoers – Kyodo

TOKYO, Dec 7 (Reuters) – Japan’s scandal-ridden
Olympus Corp decided on Wednesday to set up an outside
panel to advise on whether it should take legal action or make
criminal complaints against those who cooked the firm’s books,
Kyodo news agency said.

The news follows the release on Tuesday of the findings of a
separate investigative panel, which concluded that several
former Olympus executives spent 13 years on a $1.7 billion
scheme to hide losses off the company’s balance sheet.

Dec 6, 2011

Panel urges legal action in damning Olympus report

TOKYO (Reuters) – An independent panel issued a damning report on a $1.7 billion accounting scandal at Japan’s disgraced Olympus Corp on Tuesday, urging legal action against “rotten” executives responsible for the cover-up and the replacement of other board members.

The six-man panel found no link with organised crime, however, an outcome that might help the 92-year-old maker of cameras and endoscopes remain listed on the Tokyo stock exchange and survive a scandal that ranks among Japan’s worst.

Dec 6, 2011

Panel finds no evidence of organised crime in Olympus

TOKYO (Reuters) – An investigative panel on Tuesday found no link between organised crime and Japan’s disgraced Olympus Corp, an outcome that may help it survive a $1.7 billion (1 billion pounds) accounting scandal that ranks as one of the nation’s worst.

The maker of cameras and medical equipment faces delisting from the Tokyo market, and a bleak future as an independent firm, if proof is found to support a much-rumoured link between “yakuza” gangsters and its efforts to hide losses off its books.

Dec 6, 2011

Panel finds no evidence of organised crime in Olympus scandal

TOKYO, Dec 6 (Reuters) – An investigative panel on
Tuesday found no link between organised crime and Japan’s
disgraced Olympus Corp, an outcome that may help it
survive a $1.7 billion accounting scandal that ranks as one of
the nation’s worst.

The maker of cameras and medical equipment faces delisting
from the Tokyo market, and a bleak future as an independent
firm, if proof is found to support a much-rumoured link between
“yakuza” gangsters and its efforts to hide losses off its books.