Sony-Olympus Deal Gets Regulatory Approval
A joint-venture deal between Sony and medical equipment maker Olympus has won regulatory approval, the firms said Wednesday, after it was held up by China’s competition watchdog. “Olympus and Sony today announced that the two parties recently received all necessary regulatory approvals and now expect to establish the medical business venture company on 16 April...
Former Singapore Banker Arrested in US over Olympus Fraud
A former Singapore banker was arrested in Los Angeles on Thursday and accused of helping “liquidate” hundreds of millions of dollars in an accounting fraud at Olympus Corp, one of the biggest corporate scandals in Japan’s history. Chan Ming Fon, a one-time bank vice president, is the latest former executive and the first from outside...
Sony to Buy Olympus Stake as Hirai Seeks Revival from Losses
Sony Corp, Japan’s largest consumer-electronics exporter, will invest JPY50 billion (US$645 million) in Olympus Corpas part of its strategy to move into the medical-equipment business. The two companies will form a joint venture to make endoscopes and other medical devices, according to finance ministry filings Friday. Olympus is the world’s largest endoscope maker with a...
Olympus, Former Executives Plead Guilty in Fraud Trial
Japanese camera and medical equipment maker Olympus Corp and three of its former executives pleaded guilty on Tuesday over charges related to a US$1.7 billion accounting cover-up in one of Japan’s biggest corporate scandals. The scandal was exposed last October by chief executive Michael Woodford, who was sacked by the Olympus board after querying dubious...
Japan’s Olympus Ordered to Pay Back Taxes
Japanese authorities have ordered Olympus to pay about US$63 million in back taxes and penalties, reports said on Wednesday, as the disgraced firm tries to recover from a loss cover-up scandal. The liability is tied to a JPY15 billion (US$188 million) advisory fee that Olympus claimed to have paid during its 2008 acquisition of British...
Olympus Considers Raising 50 Billion Yen to Boost Capital
Olympus Corp is considering raising about JPY50 billion (US$633 million) to boost capital that declined by more than half after the Japanese camera maker admitted to a 13-year accounting fraud. The amount is a “rough guideline” as Olympus seeks new funding through a capital alliance or a public share sale, President Hiroyuki Sasa said in...
Olympus to Cut 2,700 Jobs, Book Small Profit
Scandal-hit Japanese camera and medical equipment maker Olympus said on Friday it will cut about seven per cent of its workforce – and eke out a small profit this year – as it tries to recover from a loss cover-up scandal. The firm’s balance sheet deteriorated, with a loss of JPY48.99 billion (US$618 million) in...
