Olympus may sell camera group to escape scandal
updated 10:35 pm EST, Tue November 29, 2011
Company considering significant restructuring
Olympus is reportedly considering a number of significant restructuring strategies, which may bring the company to find a buyer for its consumer camera division. The Japanese company is currently reviewing its business structure in an attempt to survive an accounting scandal that is believed to involve as much as $4.9 billion in hidden losses.
Several teams are said to be investigating possible methods to keep the company afloat as its books are corrected. The medical endoscope division represents the company's core business, bringing profit while the camera group operates at a loss.
Olympus recently admitted to running a cover-up scheme to conceal losses through advisory fees and acquisitions dating back to the early 1990s. The scandal is believed to involve Japan's yakuza, a factor that is said to increase the possibility of delisting from the Tokyo Stock Exchange.
Camera companies are said to be closely monitoring the situation, however Olympus has yet to finalize plans to divest assets. [via Reuters]
