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

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

Oct 23, 2014: Whirlpool Corporation to Showcase Resource-Efficient Technologies at Greenbuild

Oct 23, 2014: CWIEME Chicago exhibition had record attendees

Oct 22, 2014: Middleby to add U-Line to residential appliance business

Oct 22, 2014: iRobot's 3Q exceeds expectations, driven by Home Robots growth

Oct 22, 2014: Whirlpool Canada named 2014 Energy Star Manufacturer of the Year

More Daily News>>

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

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

September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014
April 2014: Appliance Magazine Market Insight: February 2014




 
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 | Plastics Today | Powder Bulk Solids | Canon Trade Shows