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18 Nov 2011
OLYMPUS has committed to producing audited second quarter accounts by 14 December, or risk seeing its shares delisted.
According to reports from Bloomberg, a statement made public by the company yesterday made clear that its shares would be automatically delisted if it failed to produce the accounts. The company also produced a plan to cut its debts to $5.3bn by 2015.
Olympus has been embroiled in a row over its accounting since last month when its newly appointed CEO Michael Woodford was sacked after blowing the whistle on a set of unusual financial deals at the camera maker.
When he returned to Britain Woodford went public about unusually large payments in the accounts to advisers.
Olympus has since admitted using fake deals and false valuations to dispose of losses on investments that had been concealed for some time.
Woodford is now set to return to Japan to speak to regulators including the Securities and Exchange Surveillance Commission.
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Briefings
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