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Olympus admits hiding losses [Independent Television News Limited (UK)](Independent Television News Limited (UK) Via Acquire Media NewsEdge) Japanese electronics firm Olympus has admitted falsifying accounts to hide losses over the past 20 years. The revelations by the 92-year-old maker of endoscopes and cameras follows investigations by a third-party panel. Olympus says it found that funds related to its $2.2 billion purchase of British medical equipment maker Gyrus in 2008, which involved a huge advisory fee of $687 million, as well as payment of $773 million for three tiny domestic firms, were used to hide losses on securities investments. Olympus President Shuichi Takayama blames former president Tsuyoshi Kikukawa, Vice-President Hisashi Mori and internal auditor Hideo Yamada for the cover-up, saying he is considering criminal complaints against them. Takayama said he was "absolutely unaware of the facts". Olympus shares have tumbled 29 per cent to a 16-year low. The company has lost $6 billion in market value since the scandal erupted, but some analysts say this announcement means the worst of the news is over. Jason Jenkins, editor of technology website CNET UK says it could even do the firm some good to be in the news, regardless of the subject matter. "Olympus makes perfectly adequate products, but it's not a big name for most consumers in the UK at the moment. I had actually forgotten that Olympus even existed until this news story came along. "In a strange way, at least the publicity generated by the scandal will remind people that the brand is still out there." (c) 2011 Independent Television News Limited . All rights reserved. Provided by Syndigate.info an Albawaba.com company |