Featured Articles

Intel refreshes CPU roadmap

Intel refreshes CPU roadmap

Intel has revealed an update to its CPU roadmap and some things have changed in 2015 and beyond. Let’s start with the…

More...
Hands on: Nvidia Shield Tablet with Android 5.0

Hands on: Nvidia Shield Tablet with Android 5.0

We broke the news of Nvidia's ambitious gaming tablet plans back in May and now the Shield tablet got a bit…

More...
Nokia N1 Android tablet ships in Q1 2015

Nokia N1 Android tablet ships in Q1 2015

Nokia has announced its first Android tablet and when we say Nokia, we don’t mean Microsoft. The Nokia N1 was designed…

More...
Marvell launches octa-core 64-bit PXA1936

Marvell launches octa-core 64-bit PXA1936

Marvell is better known for its storage controllers, but the company doesn’t want to give up on the smartphone and…

More...
Nvidia GTX 970 SLI tested

Nvidia GTX 970 SLI tested

Nvidia recently released two new graphics cards based on its latest Maxwell GPU architecture, with exceptional performance-per-watt. The Geforce GTX 970…

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