Olympus scrambles to meet deadline, avoid delisting

2 years ago by in Japan Archives, National

Scandal-plagued Japanese tech company Olympus has promised to release its second-quarter financial report by the December 14 deadline, in an effort to clarify the situation of its accounts and avoid being delisted.

"We plan to submit by December 14 our second-quarter report and are preparing for that," a spokesperson of the company said.

Olympus shares, already troubled as they lost half their value since the scandal broke one and a half months ago, may drop even more if the company fails to meet the deadline.

The maker of cameras and medical equipment will be automatically delisted from the Tokyo Stock Exchange if it misses the reporting deadline. It would be a humiliation which would “cut it off from equity capital markets” and pressure it “to sell off its core businesses”, the international press comments.

The delisting could anyway be unavoidable even if the report is passed before the deadline, if the scale of the accounting irregularities is big enough or if links with Japanese mafia “yakuza” will be revealed.

A third-party panel appointed by Olympus is investigating links with the organized crime and will release a report at the beginning of December.

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