Tomoyo Nonaka has resigned from her position as chair of
Sanyo Electric as a probe has been
launched into possible accounting irregularities at the Japanese corporate.
Her decision came soon after Sanyo revealed that an investigation had been
started by the Securities
and Exchanges Surveillance Commission in response to suggestions that the
company had used a Japanese accounting grey area to hide more than £500m of
losses generated in 2003.
The SESC is analysing whether the company mistated its accounts as
Sanyo conceded that it might have to restate historical earnings for a
three-year period before Nonaka was appointed.
Sanyo maintained that Nonaka had resigned for ‘personal reasons’ and there
was no link to the internal wrangles about the best course of action to take in
respect of its recent accounting problems.
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