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Taxman hits Olympus

by on04 July 2012

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.

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