Panasonic says no plan to invest in Olympus
News On Japan via Reuters -- Jun 10
Japanese electronics maker Panasonic Corp has no plan to invest in Olympus Corp , President Fumio Ohtsubo told Reuters on Thursday, contradicting a media report it would invest in the medical equipment maker Olympus, which is struggling to recover from an accounting scandal.
Kyodo news agency reported on Wednesday that Panasonic was making final arrangements to provide up to 50 billion yen ($630 million) in capital to Olympus.
"I don't know where that information came from, not from us," Ohtsubo said on the sidelines of a meeting of the Japan Electrical Manufacturers' Association. "There isn't any," he said when asked if Panasonic had a plan to invest in Olympus.
Olympus last year admitted it used improper accounting to conceal huge investment losses under a scheme that began in the 1990s, after sacked British CEO Michael Woodford raised concerns in October about dubious book-keeping.
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