Sanyo Electric Fined for Improper Accounting

Tokyo, Jan. 18 (Jiji Press)–Japan’s Financial Services Agency on Friday fined Sanyo Electric Co. 8.3 million yen for improper accounting.

The FSA concluded that the electronics maker overstated its shareholders’ equity by over 50 billion yen, at 226.8 billion yen, in its financial statement for the April-September first half of fiscal 2006, violating the securities law.

Although Sanyo fabricated its financial statements for fiscal 2000 through fiscal 2006, the monetary penalty of the agency was only for the April-September 2005 report, as such punishments can be imposed only for documents submitted in December 2005 or later.

The punitive measure was taken in line with the Securities and Exchange Surveillance Commission’s recommendation late last year.END

(c) 2008 Jiji Press English News Service. Provided by ProQuest Information and Learning. All rights Reserved.