Goldman Sachs Cuts Stake In Olympus To 3.78%
07 December 2011 - 7:59PM
Dow Jones News
Goldman Sachs Securities has lowered its stake in Olympus Corp.
(7733.TO) to 3.78% from 6.67% as of Nov. 30, according to a filing
submitted to the Finance Ministry Wednesday.
Last month, regulatory filings showed that three Goldman Sachs
units had raised their combined stake in Olympus to 6.67%,
suggesting that some institutional investors were increasing their
holdings in the scandal-hit company amid highly volatile share
trading.
Olympus shares finished down 5.2% at Y1,128 on the Tokyo Stock
Exchange Wednesday, up from a 2011 low of Y424 on Nov. 11, but well
below the year's high of Y2,835 on June 21.
On Tuesday, an independent panel appointed by Olympus released
the findings of its four-week investigation into the loss-hiding
schemes at the Japanese medical equipment and camera maker. The
panel said Olympus used $1.7 billion in payments related to
acquisitions to account for the massive losses it had been hiding
outside its books through the tenures of two chief executives.
-By Tokyo Bureau, Dow Jones Newswires; 813-6269-2770
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