The Japanese financial watchdog launched an investigation yesterday into Sanyo's accounting practices, sending shares in the electronics giant plunging by a fifth and sparking fears of a “Japanese Enron”.
More than 89 billion yen (£375 million) was wiped from Sanyo's stock market value, as the company said that it was co-operating with the inquiry by the Securities and Exchange Surveillance Commission (SESC). The investigation, which is thought to centre on a possible fault in Sanyo's accounts, could prove to be a significant blow to Goldman Sachs, the Wall Street bank, and other large investors in Sanyo. full article
More than 89 billion yen (£375 million) was wiped from Sanyo's stock market value, as the company said that it was co-operating with the inquiry by the Securities and Exchange Surveillance Commission (SESC). The investigation, which is thought to centre on a possible fault in Sanyo's accounts, could prove to be a significant blow to Goldman Sachs, the Wall Street bank, and other large investors in Sanyo. full article