Japan's Olympus shares down 20 per cent

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Báo Đầu Tư English - 35 month(s) ago 8 readings

Japan's Olympus shares down 20 per cent

Shares in Japanese camera maker Olympus dived 20 per cent in early trade on Wednesday after tumbling 29 per cent the previous day on the revelation of the company's loss cover-ups since the 1990s.

Shares in Japanese camera maker Olympus dived 20 per cent in early trade on Wednesday after tumbling 29 per cent the previous day on the revelation of the company's loss cover-ups since the 1990s.

Olympus shares suffered the daily limit loss of 150 yen to change hands at 584 yen, falling 20.43 per cent from Tuesday's close and more than 76 per cent since a scandal over unusually large fee payments first surfaced.

Analysts said the future of the 92-year old firm was now heavily clouded by the revelation and investors fear the company may face delisting.

Olympus on Tuesday admitted to hiding losses on securities investments dating back to the 1990s and said that it used funds related to controversial acquisitions to help do so.

It was its first acknowledgment of wrongdoing since the company ousted its first non-Japanese chief executive, Michael Woodford, on October 14.

Woodford said he was ousted just after he alleged overpayments in four buyout deals in recent years and voiced concerns over corporate governance.

Japanese media reported on Wednesday that the company may have concealed more 100 billion yen ($129 million) in losses from its past securities investments.

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