Olympus submits earnings to try to avoid delisting

Former Olympus president Michael Woodford Former chief executive Michael Woodford questioned exorbitant fees paid by Olympus

Related Stories

Japan's scandal-hit camera maker Olympus has filed corrected earnings reports to try to avoid being delisted from the Tokyo Stock Exchange.

Five years' worth of reports were accepted by financial regulators three hours before the deadline.

Olympus was asked to refile its earnings because of deceptions and accounting irregularities.

Auditors signed off on the reports with qualified opinions, saying they could not confirm all the money flows.

"We were unable to get sufficient and appropriate proofs for auditing on specific assets and amounts," said accountants KPMG AZSA.

The report for the six months to the end of September showed a net loss of 32.3bn yen ($414m; £267m).

The camera-maker reported that its net assets were valued at just 46bn yen, down from a re-stated 225bn yen in March 2007.

The Tokyo Stock Exchange said it was keeping Olympus on its watchlist for possible delisting.

In November, Olympus admitted that it had been hiding losses of $1.5bn (£968m) going back almost two decades.

The deception came to light when former president and chief executive Michael Woodford challenged payments at the company.

Elaborate deception

Mr Woodford was fired in October after raising doubts about massive fees paid in the purchase of British medical equipment maker Gyrus Group in 2008.

He returned to Japan this week to meet investors to try and head a turnaround at the company.

Olympus has seen its fortunes slide after it fired Mr Woodford.

The ensuing investigation caused Olympus shares to plunge and forced its chairman Tsuyoshi Kikukawa to step down.

The board of the company has said it will step down but wants to choose its own successors before going. A decision that Micheal Woodford says they should not be allowed to make.

In refilling its earnings, Olympus sought to reassure investors, saying that its assets exceeded its liabilities in each of the financial years dating back to 2002/03.

No one has yet been charged in the scandal.

Olympus has said several top executives were involved in the scheme and has promised to investigate former and current executives and auditors, and to pursue possible criminal charges.

Fees for financial advice and acquisitions were part of an elaborate deception to keep the massive losses off the company's books.

More on This Story

Related Stories

More Business stories



  • Mukesh SinghNo remorse

    Delhi bus rapist says victim shouldn't have fought back

  • Aimen DeanI spied

    The founder member of al-Qaeda who worked for MI6

  • Before and after shotsPerfect body

    Just how reliable are 'before and after' photos?

  • Lotus 97T driven by Elio de AngelisBeen and Gone

    A champion F1 designer and other notable losses

  • A poster of Boris Nemtsov at a rally in St Petersburg, Russia, 1 MarchWho killed Nemtsov?

    Theories abound over murder that shocked Moscow

Try our new site and tell us what you think. Learn more
Take me there

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.