Sony Set To Invest $642 Million In Olympus

Posted on Sep 25 2012 - 10:58am by Editorial Staff

As expected, Sony reportedly investing 50 billion yen (about $642 million) in scandal-hit Olympus by this week, reports Reuters. The move makes Sony the biggest shareholder in the company with a 10 percent share.

The publication citing three unidentified sources familiar with the plan said that as part of the deal, the company will set up a joint business with Olympus and will develop new medical equipments and will send an executive to join its board of directors.

Earlier today, prosecutors charged ex-chairman Tsuyoshi Kikukawa, former executive vice-president Hisashi Mori and former auditor Hideo Yamada with inflating the company’s net worth in financial statements for whole five fiscal years to March 2011.

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