Reuters: Technology News: Olympus faces back taxes of $62.60 million: Nikkei

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Olympus faces back taxes of $62.60 million: Nikkei Jul 3rd 2012, 18:38 Tweet Share this Email Print Related News Global growth fears weigh on Japan's Nikkei Fri, Jun 22 2012 Olympus targets jump in financial stability ratio by 2017 Fri, Jun 8 2012 A man sits near a logo of Japan's Olympus Corp at the company headquarters in Tokyo June 19, 2012. Credit: Reuters/Yuriko Nakao Tue Jul 3, 2012 2:38pm EDT (Reuters) - The Tokyo Regional Taxation Bureau is seeking 5 billion yen ($62.60 million) in back taxes and penalties from Olympus Corp stemming from its acquisition of British medical equipment maker Gyrus Group Plc in 2008, The Nikkei business daily said. Olympus is struggling to recover from an accounting fraud uncovered last year by its then CEO, Michael Woodford. It was forced to correct years of accounts, leaving its balance sheet badly weakened. The taxation bureau said Olympus underreported its income by about 15 billion yen for five years through March 2011, the Nikkei said, adding that the undeclared 15 billion yen is what Olympus claimed to have paid for financial advice it received in relation to its acquisition of Gyrus. (Reporting By Aurindom Mukherjee in Bangalore; Editing by Supriya Kurane) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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