Olympus: ‘It is not true KPMG withdrew from Gyrus’ (update 1pm)
October 24, 2011
Olympus has today denied reports that the fees controversy engulfing the firm may be linked to the criminal underworld and led accountants to cancel an auditing contract two years ago.
Over the weekend the camera giant was hit by claims in the press that fees paid for acquisitions and financial advice could have a criminal underworld connection.
A report in the Telegraph referred to an article in Japanese newspaper Sankei, relating to the acquisition of British firm Gyrus in 2008.
Now the FBI is investigating the matter, according to the New York Times.
Olympus spokesperson Akihiro Nambu told us: ?We are not aware of the underworld connection regarding the fees.?
He added: ‘We are not aware of any [FBI] investigation.’
Nambu also hit back at a report that accountants KPMG cancelled their auditing contract with Gyrus over the latter’s alleged relationship with a firm in the Cayman Islands.
In a statement issued on 24 October Olympus said it appointed new auditors, Ernst & Young, ‘because of expiring contracts’.
The statement added: ‘Therefore, it is not true that KPMG withdrew from auditing Gyrus.
‘In addition to this, Olympus Group (including Gyrus) has received an unqualified opinion on the auditing reports for the consolidated financial statements for the year ended March 2009, from the previous auditor (KPMG). All the accounting closing procedures were appropriate.’