Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Tokyo Threatens to Delist Sanyo over Accounting
Jan 4, 2008
 Printable format
 Email this Article
 Search

Sanyo Electric was threatened with delisting from the Tokyo Stock Exchange after it corrected six years of earnings reports. Sanyo, which has just started to recover after a major restructuring drive, revised earnings reports for six years from the 2000 fiscal year as it admitted it underestimated its losses.

Sanyo said its net loss at the parent level totaled 484.5 billion yen (approx. US$4.42 billion) between the year to March 2001 and year to March 2006, instead of the 478.6 billion yen loss ($4.3 billion) it submitted earlier to authorities.

Sanyo said it had undervalued losses at its semi-conductor and LCD businesses on the grounds that it had expected earnings would eventually recover. The company said the wider losses at the parent level would not affect its consolidated results during the years in question.

Sanyo said it had decided not to make retirement payments to 16 former board members who were involved in the accounting errors as well as to 13 incumbent board members. The company will also reduce monthly salaries for the president and executive vice-president by 60% for six months and cut remunerations for other high-ranking officials by 33-50% as punishment.

Back to Daily News

 

Daily News

...........................................................

Apr 22, 2014: Final Rule Establishes Refrigerator Testing

Apr 22, 2014: A Third of Homes Worldwide Could Have Networks by 2018

Apr 22, 2014: Appliance Category Industrial Output Up 2% in March

Apr 21, 2014: Final Commercial Refrigeration Rule Published

Apr 21, 2014: Elam Offers Android-Enabled Kitchen Interface

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows