Seeking to make right on decades-old hidden losses, executives at Japan's Olympus Corp. created a complex web of financial transactions in Japan, Singapore, and Europe, moving bad assets off the company's books to shell companies, then returning funds to these companies through advisory fees and inflated acquisition costs, effectively correcting Olympus' own balance sheet in the process. The scheme, known in Japan as tobashi (meaning 'fly away', which is effectively what the company aims to do with its past losses) is detailed in a lengthy report returned to the company by its external... (read more)
This page contains a snippet of article „Olympus prepares to clean house as scandal spreads to auditors“. The article was originally published on Imaging Resource at http://www.imaging-resource.com/news/2011/12/09/olympus-prepares-to-clean-house-as-scandal-spreads-to-auditors. ShutterNews.com isn't responsible for the article's content.
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Fri, 2011-12-09 02:45