Osaka, Mar 6, 2008 (Jiji Press) - Shareholders of Sanyo Electric Co. <6764> approved corrections in the company's unconsolidated earnings reports at an extraordinary shareholders' meeting held here Thursday.
In December 2007, Sanyo corrected its unconsolidated earnings figures for fiscal 2000 through fiscal 2006, after the Securities and Exchange Surveillance Commission told the company in February the same year that it was using lenient criteria compared with government-set rules to evaluate its impairment losses on shareholdings.
The correction led to the revelation of Sanyo's illegal dividend payments totaling 28 billion yen during the period.
At the day's shareholders' meeting, President Seiichiro Sano apologized to the shareholders and asked for their understanding by saying that Sanyo has implemented strict standards to assess the impairment losses since fiscal 2007.
The meeting was attended by 1,979 shareholders and lasted for about 2 hours.
In the improper accounting case, Sanyo was fined 8.3 million yen by the Financial Services Agency.
The Tokyo Stock Exchange and the Osaka Securities Exchange in December 2007 moved Sanyo shares to their monitoring posts for possible delisting on suspicion that it had falsified financial statements. But the exchanges moved back Sanyo shares to ordinary posts in February.
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