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Sanyo Being Investigated for Accounting Practices
Feb 26, 2007
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Sanyo Electric Co.’s admission on Friday, February 23, that it is being investigated for its accounting practices sent shares down 17 percent to 190 yen (approx. U.S. $1.56), reported the Associated Press. The plummet in stock came after the Japanese newspaper Asahi Shimbun reported that Sanyo may have falsified its fiscal 2003 earnings report. The newspaper states that Sanyo may have written off fewer losses than its subsidiaries had, and the company may have falsely reported a profit when it was in the red. Sanyo said that investigations are underway, but declined to confirm the Asahi report, said the Associated Press.

The newspaper report comes at a time when Sanyo is struggling to turn around its business, culling thousands of jobs, reducing factory space and selling some businesses. Sanyo is forecasting a 50 billion yen (approx. U.S. $412 million) loss for the fiscal year through March, reported the Associated Press.

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