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| Olympus submits earnings to try to avoid delisting | |
| (40 minutes later) | |
| Japan's scandal-hit camera maker Olympus has filed revised earnings reports to try to avoid being delisted from the Tokyo Stock Exchange. | |
| The firm filed its reports hours before a deadline passed which would have seen it automatically delisted. | The firm filed its reports hours before a deadline passed which would have seen it automatically delisted. |
| Olympus was asked to refile its earnings because of deceptions and accounting irregularities. | Olympus was asked to refile its earnings because of deceptions and accounting irregularities. |
| In November Olympus admitted that it had been hiding losses of $1.5bn (£968m) going back almost two decades. | In November Olympus admitted that it had been hiding losses of $1.5bn (£968m) going back almost two decades. |
| The company could still potentially be delisted by the Tokyo exchange because of the accounting scandal. | The company could still potentially be delisted by the Tokyo exchange because of the accounting scandal. |
| The deception came to light when former president and chief executive Michael Woodford challenged payments at the company. | The deception came to light when former president and chief executive Michael Woodford challenged payments at the company. |
| Elaborate deception | Elaborate deception |
| Mr Woodford was fired in October after raising doubts about massive fees paid in the purchase of British medical equipment maker Gyrus Group in 2008. | Mr Woodford was fired in October after raising doubts about massive fees paid in the purchase of British medical equipment maker Gyrus Group in 2008. |
| He returned to Japan this week to meet investors to try and head a turnaround at the company. | He returned to Japan this week to meet investors to try and head a turnaround at the company. |
| Olympus has seen its fortunes slide after it fired Mr Woodford. | Olympus has seen its fortunes slide after it fired Mr Woodford. |
| The ensuing investigation caused Olympus shares to plunge and forced its chairman Tsuyoshi Kikukawa to step down. | The ensuing investigation caused Olympus shares to plunge and forced its chairman Tsuyoshi Kikukawa to step down. |
| In refilling its earnings, Olympus sought to reassure investors, saying that its assets exceeded its liabilities in each of the financial years dating back to 2002/03. | In refilling its earnings, Olympus sought to reassure investors, saying that its assets exceeded its liabilities in each of the financial years dating back to 2002/03. |
| No one has yet been charged in the scandal. | No one has yet been charged in the scandal. |
| Olympus has said several top executives were involved in the scheme and has promised to investigate former and current executives and auditors, and to pursue possible criminal charges. | Olympus has said several top executives were involved in the scheme and has promised to investigate former and current executives and auditors, and to pursue possible criminal charges. |
| Fees for financial advice and acquisitions were part of an elaborate deception to keep the massive losses off the company's books. | Fees for financial advice and acquisitions were part of an elaborate deception to keep the massive losses off the company's books. |