Featured Articles

HP Stream is a Chromebook killer priced at $200

HP Stream is a Chromebook killer priced at $200

We have been hearing reports of a new breed of affordable Windows notebooks for months. It is alleged that a number…

More...
AMD Radeon R7 SSD line-up goes official

AMD Radeon R7 SSD line-up goes official

AMD has officially launched its first ever SSDs and all three are part of AMD’s AMD Radeon R7 SSD series.

More...
KitKat has more than a fifth of Android users

KitKat has more than a fifth of Android users

Android 4.4 is now running on more than a fifth of Android devices, according to Google’s latest figures.

More...
Aerocool Dead Silence reviewed

Aerocool Dead Silence reviewed

Aerocool is well known for its gamer cases with aggressive styling. However, the Dead Silence chassis offers consumers a new choice,…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Wednesday, 04 July 2012 09:11

Taxman hits Olympus

Written by Nick Farrell



You owe us for all that missing dosh


If life were not bad enough for Olympus, what with its board court fiddling the books, the tax man is banging on the door demanding money with menaces.

The Tokyo Regional Taxation Bureau wants $62.60 million in back taxes and penalties from Olympus Corp stemming from its acquisition of British medical equipment maker Gyrus Group in 2008. According to the  Nikkei business daily, Olympus is struggling to recover from an accounting fraud uncovered last year by its then CEO, Michael Woodford.

It was forced to correct years of accounts, leaving its balance sheet badly weakened. The taxation bureau said Olympus under reported its income for five years through March 2011, the Nikkei said. The undeclared cash is what Olympus claimed to have paid for financial advice it received in relation to its acquisition of Gyrus.

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments