Toshiba denies Olympus tie-up

Toshiba refutes report that there are plans for equity partnership with scandal-tainted Olympus, news report notes.
Written by Jamie Yap, Contributor on

Japanese electronics giant Toshiba has flatly denied any plans to initiate an equity tie-up with scandal-hit Olympus, Reuters reported. 

In a reportSunday, a Toshiba spokesperson spoke out against Japanese business news agency Nikkan Kogyo Shimbun's report saying that the company is expected to submit a business plan to Olympus' financial advisers. "There is no truth to this," the spokesperson said.

There was a similar report by Asahi Shimbun last Thursday identifying Samsung Electronics, Sony, Panasonic, Fujifilm and Terumo, as interested parties to become Olympus' business partners. Samsung said it was not interested in acquiring the Japanese camera and medical equipment maker's healthcare business, according to an earlier ZDNet Asia report.

Olympus has been embroiled in a widely reported financial scandal in which company executives, incuding former company chairman Tsuyoshi Kikukawa, signed off on US$687 million in fake costs to hide the company's losses.

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