Olympus' Tokyo offices raided over accounting scandal

Eke. A nearly-century old outfit is currently giving up office space to Japanese prosecutors, who today moved in on Olympus' Tokyo facilities in a raid surrounding an ongoing accounting investigation. According to reports from The Wall Street Journal and Reuters, the scandal involves many billions of dollars -- "irregularities" that have raised serious concerns about the outfit's handling of funds. It's bruited that the company has been running a scheme to conceal over $1.5 billion in investment losses, and we're told that the raid should pass right on through Olympus' headquarters and into the "homes of executives involved in the cover-up." All of this follows an admission last month that the firm had used "inflated payments made in acquisitions in recent years," and while it remains unclear what all of this means for its future, there's no doubt a few dark months are ahead as things sort themselves out. So much for looking pretty for the camera, eh?

Olympus' Tokyo offices raided over accounting scandal originally appeared on Engadget on Tue, 20 Dec 2011 22:37:00 EDT. Please see our terms for use of feeds.

Permalink   |  The Wall Street Journal, Reuters  | Email this | Comments

Source: http://www.engadget.com/2011/12/20/olympus-tokyo-offices-raided-over-accounting-scandal/

Power supply Tech Sony