Olympus loans under scrutiny as lies catch up with firm
Troubled Japanese camera and medical equipment maker Olympus says it believes its lenders will support it, despite admitting it lied in its financial reports.
Troubled Japanese camera and medical equipment maker Olympus says it believes its lenders will support it, despite admitting it lied in its financial reports.
Last year the group's British Chief Executive revealed the firm had been covering up huge losses on complicated investments dating back nearly 20 years.
He was forced out but the company's reputation was battered, resulting in a share-price loss of nearly 80%
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Olympus has recovered in 2012 but the lies in its financial reporting mean it will be in breach of its loan covenants with lenders.
The Financial Times was reporting on Thursday the amount of loans which might be pulled could total $4.1bn.
Olympus officials are, however, saying they expect the lenders to continue offering "support".
Japanese business has been rocked by the scandal, which has thrown into doubt the competence of regulators in Tokyo and made foreign investors wonder openly whether investing in Japanese firms is worth the risk.
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Starling Bank to scrap 3.25% interest rate from popular current account within days
Starling is to remove the generous 3.25% it pays on current accounts from next week – what does this mean for customers and should you move?
By Katie Williams Published
-
Top 20 UK areas where house prices have ballooned in last 25 years
Some parts of the UK have seen house prices grow by 652% since the turn of the millennium
By Daniel Hilton Published