PracticeConsultingPwC to conduct ‘special’ Takefuji audit

PwC to conduct 'special' Takefuji audit

London-listed Takefuji, Japan's largest consumer finance company, is hoping a Big Five accounting firm to investigate its operations can halt a massive drop in its share price.

The company appointed PricewaterhouseCoopers in an effort to end rumours regarding its financial health following allegations of huge losses which cost the company Y5.6bn (£35.2m).

General manager Shizuo Mizukami said it was hoped the PwC probe would reassure Takefuji’s foreign shareholders.

He said allegations that the company had fabricated accounts were ‘inconceivable’.

Since the beginning of November, the Takefuji share price has fallen 50%, after it was found to have indirectly funded a company owned by Yoshihiko Kokura, a controlling shareholder of failed insurance company Taisho Life. Kokura has since been arrested for in connection with defrauding Taisho Life.

Mizukami made a statement claiming the company had invested money in Mitsui Trust Bank, which had in turn made an investment in Kokura’s fund, but this has failed to halt the fall in Takefuji’s share price as foreigners continue to sell stock.

Before the rumours about the its financial health, Takefuji was one of the favourite choices of foreign investment fund managers, who owned 26% of the company.

Links

PwC website

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

3m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

9m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

10m Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

11m Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

11m Stephanie Wix, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

10m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

10m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

10m Kevin Reed, Writer