AfterDawn: News

Olympus hid up to $1.7b in losses

The disgraced Japanese camera company Olympus may have hid up to $1.7 billion in losses through fraudulent accounting.

Sources close to the panel investigating the fraud say Olympus, at its peak, hid losses of 130 billion yen, equal to $1.7 billion USD.



Although there was rumors of Yakuza ties, the panel has not found sufficient proof.

In an effort to hide losses from poor investments over the past decade, Olympus went through a huge series of mergers and acquisitions and then inflated the administration fees paid out for the acquisition to companies that did not exist or were owned by Olympus.

Former executive vice president Hisashi Mori and ex-internal auditor Hideo Yamada are likely to be charged with the fraud, and potentially former president Tsuyoshi Kikukawa. All have resigned.

Written by: Andre Yoskowitz @ 5 Dec 2011 15:30

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• 4 comments

• hearme0

  130 billion Yen??????
  
  The Japanese really should consider revamping their currency naming to the "Yuck". 4 Yen = 1 Yuck
  
  That way it's only 32 billion Yucks rather than a 130 billion Yen.

  5.12.2011 15:51 #1

• Notcow

  Originally posted by hearme0: 130 billion Yen??????
  
  The Japanese really should consider revamping their currency naming to the "Yuck". 4 Yen = 1 Yuck
  
  That way it's only 32 billion Yucks rather than a 130 billion Yen. Someone doesn't like Japan. The Yen is a very strong currency...it would be more fair to compare it to cents.
  

  5.12.2011 16:09 #2

• hearme0

  Originally posted by Notcow: Originally posted by hearme0: 130 billion Yen??????
  
  The Japanese really should consider revamping their currency naming to the "Yuck". 4 Yen = 1 Yuck
  
  That way it's only 32 billion Yucks rather than a 130 billion Yen. Someone doesn't like Japan. The Yen is a very strong currency...it would be more fair to compare it to cents. I love Japan and the Japanese. You completely misinterpreted my statement which was basically in jest. Also read into it wayyyy too deep as I didn't mention, hint or elude to the strength of their currency.

  5.12.2011 17:10 #3

• Mysttic

  Either or shame for Olympus as they make very good quality cameras. May cost my left tit to get one, but well worth it, last a long time.

  5.12.2011 19:46 #4