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Nov 10, 2011

Tokyo stock exchange warns Olympus could be delisted

TOKYO (Reuters) – Tokyo’s stock exchange has warned scandal-hit Olympus Corp it will be delisted after 62 years as a publicly traded company if it fails to report earnings by December 14, deepening concerns about the camera-maker’s future.

Olympus said it was unlikely to issue results by an earlier November 14 filing date, but it aimed to meet the later deadline, averting a delisting that its largest foreign shareholder, Southeastern Asset Management, said would have “vast negative ramifications” for foreign investment in Japan.

Nov 10, 2011

Olympus likely to miss reporting deadline

TOKYO (Reuters) – Japan’s scandal-hit Olympus Corp is likely to miss a Monday deadline for reporting first-half earnings, sources said, a failure that would bring the 92-year-old company a step closer to being delisted from the Tokyo Stock Exchange.

A decades-long cover-up by Olympus of securities losses is being investigated by authorities in Japan, Britain and the United States. Tokyo police will also look into the scandal, the Yomiuri newspaper reported on Thursday.

Nov 10, 2011

Olympus likely to miss reporting deadline; delisting seen

TOKYO (Reuters) – Japan’s scandal-hit Olympus Corp is likely to miss a Monday deadline for reporting its first-half earnings, sources with knowledge of the matter said, a failure that would bring the 92-year-old firm a step closer to delisting.

Tokyo police are investigating the company’s concealment of substantial investment losses going back two decades for possible violation of financial laws, the Yomiuri newspaper said on Thursday. It said police had asked Olympus for internal accounting documents and would question Olympus executives.

Nov 9, 2011

Olympus admits hid losses for decades

TOKYO (Reuters) – Japan’s Olympus admitted on Tuesday it hid losses on securities investments dating back two decades, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt.

The revelations by the 92-year-old company appear to vindicate ex-CEO Michael Woodford, who has staged a campaign since being sacked on October 14 to force the firm to come clean on nearly $1.5 billion (930.7 million pound) in questionable payments.

Nov 8, 2011

In abrupt turnaround, Olympus admits hid losses for decades

TOKYO, Nov 8 (Reuters) – Japan’s Olympus (7733.T: Quote, Profile, Research) admitted
on Tuesday it hid losses on securities investments dating back
to the 1980s, succumbing to weeks of pressure to explain a
series of baffling transactions that have put the future of the
firm in doubt.

The revelations by the 92-year-old maker of endoscopes and
cameras would appear to vindicate ex-CEO Michael Woodford, who
has staged a campaign since being sacked on Oct. 14 to force the
firm to come clean on $1.3 billion in questionable payments.

Nov 8, 2011

Olympus admits acquisitions used to hide investment

TOKYO (Reuters) – Japan’s Olympus admitted for the first time on Tuesday that controversial acquisitions had been used to cover up losses on securities investments dating back to the 1980s, succumbing to weeks of pressure that has battered the company’s share price.

Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and auditor Hideo Yamada for the transactions, adding he would consider criminal complaints against them if necessary. Mori would be dismissed, the company said.

Nov 8, 2011

Olympus admits acquisitions used to hide investment losses

TOKYO (Reuters) – Japan’s Olympus admitted for the first time on Tuesday that controversial acquisitions had been used to cover up losses on securities investments dating back to the 1980s, succumbing to weeks of pressure that has battered the company’s share price.

Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and auditor Hideo Yamada for the transactions, adding he would consider criminal complaints against them if necessary. Mori would be dismissed, the company said.

Nov 4, 2011

Olympus removed auditor after dispute

TOKYO/LONDON (Reuters) – Japan’s Olympus Corp replaced its auditor in 2009 after a disagreement over how to account for several acquisitions, but it decided not to reveal the dispute to investors, an internal document shows.

Olympus (7733.T: Quote, Profile, Research, Stock Buzz) has lost 55 percent of its market value since its former chief executive blew the whistle on a series of strange deals over the past five years, including the payment of a massive $687 million advisory fee.

Nov 4, 2011

Exclusive: Olympus removed auditor after dispute

TOKYO/LONDON (Reuters) – Japan’s Olympus Corp replaced its auditor in 2009 after a disagreement over how to account for several acquisitions, but it decided not to reveal the dispute to investors, an internal document shows.

Olympus (7733.T: Quote, Profile, Research) has lost 55 percent of its market value since its former chief executive blew the whistle on a series of strange deals over the past five years, including the payment of a massive $687 million advisory fee.

Nov 4, 2011

Exclusive – Olympus removed auditor after accounting dispute

TOKYO/LONDON (Reuters) – Japan’s Olympus Corp replaced its auditor in 2009 after a disagreement over how to account for several acquisitions, but it decided not to reveal the dispute to investors, an internal document shows.

Olympus has lost 55 percent of its market value since its former chief executive blew the whistle on a series of strange deals over the past five years, including the payment of a massive $687 million (428 million pounds) advisory fee.