Olympus ‘meets’ stock exchange deadline (update 14 December)
December 13, 2011
Olympus is racing to submit its revised business results by tomorrow to avoid being kicked out of the Japanese stock market, as investigations continue into the £1.1 billion cover-up.
NEWS UPDATE 14 DECEMBER 7.40am
Olympus met the deadline with just hours to spare, according to Reuters news agency and other media reports. This has yet to be confirmed to AP. However, Olympus still faces a possible delisting in light of the accounting cover-up.
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Olympus Tokyo spokesperson Ayako Nagami today told Amateur Photographer: ?We are doing our best to submit the results to TSE [Tokyo Stock Exchange] on 14 December.
?We don?t know what time we can submit them at this moment.?
The news comes amid press reports claiming that external auditors for the scandal-hit firm are set to ?sign off? amended accounts for the past five years in time to meet the 14 December deadline set by the TSE.
Accountancy firms KPMG AZSA LLC and Ernst & Young ShinNihon LLC will approve the company?s results, according to Reuters news agency, quoting a report by the Asahi newspaper.
At the weekend, the Japanese media reported that police are set to visit the Tokyo offices of Olympus as part of a joint investigation by the Tokyo District Public Prosecutors Office, the Metropolitan Police Department and the Securities and Exchange Surveillance Commission [financial watchdog].
Investigators are also expected to search the homes of people involved in the massive fraud that stretches back to the 1990s.
Last week an Olympus-commissioned investigation branded as ?rotten to the core? executives responsible for one of the biggest corporate scandals in Japanese history.