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November 8, 2011 09:56 pm GMT
After months of uncertainty and allegations thrown out left and right, Olympus admitted today that it has been hiding company losses for the past two decades. Here's what's up: Including the 2008 takeover of medical equipment maker Gyrus, the company used four acquisitions to cover up losses on securities investments, as well as advisory fees. Bloomberg reports that the company payed inflated fees to takeover advisors, which effectively covered up Olympus losses from the 90's.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/IWI4RWcHhT4/
Olympus Has Been Hiding Investment Losses For The Past 20 Years
After months of uncertainty and allegations thrown out left and right, Olympus admitted today that it has been hiding company losses for the past two decades. Here's what's up: Including the 2008 takeover of medical equipment maker Gyrus, the company used four acquisitions to cover up losses on securities investments, as well as advisory fees. Bloomberg reports that the company payed inflated fees to takeover advisors, which effectively covered up Olympus losses from the 90's. Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/IWI4RWcHhT4/
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