Sanyo Electric admits to accounting faults
Sanyo Electric faces delisting from the Tokyo Stock Exchange after admitting to underestimated losses
Sanyo Electric is facing
delisting from the Tokyo Stock Exchange after admitting to underestimated losses
over seven years because it failed to understand accountancy rules and had weak
management processes.
Japan’s
Securities and Exchange Surveillance Commission yesterday accused the
electronics manufacturer of deliberately faking earnings figures and urged its
more senior regulator, the Financial Services Agency, to fine the company,
The Times reports.
Sanyo acknowledged yesterday it had understated losses since 2000. The
company said it had recorded Y6bn (£26.5m) in additional losses over the past
seven years in addition to accumulated lossed of Y372.6bn, reported earlier for
the same period.
The company said that it had paid too much in dividends compared with the
performance of the group between 2002 and 2004.