Olympus: 3rd Party Committee Found Multiple Funds Used To Defer Losses From Past Purchases
08 November 2011 - 11:45AM
Dow Jones News
Olympus Corp. (7733.TO) said Tuesday that a third-party
committee it appointed to investigate past purchases has discovered
the use of multiple funds to defer losses in such acquisitions.
The Japanese company said in a statement just before the market
open that the committee discovered this method had been employed
since the 1990s and included the controversial advisory fees paid
in the acquisition of Gyrus Group PLC.
The committee is examining the legality and validity of
management decisions on past deals. It plans to hasten the
investigation process, because Olympus could face the risk of stock
delisting if it waits for probe results and releases its earnings
report in mid-December or later.
The announcement weighed on Olympus stock after the opening
bell. The company's shares were ask-only below their year-low of
Y1,012 on the Tokyo Stock Exchange.
-By Shawn Schroter, Dow Jones Newswires; +81-3-6269-2772;
shawn.schroter@dowjones.com
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