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| p.1 #1 · Olympus Cash Troubles After Scandel |
Shares of Japanese camera and medical-equipment maker Olympus Corp. fell 7.4% in Monday morning trade, as local media reports tipped cash troubles and a search of the company's offices amid an accounting scandal. Japanese prosecutors plan to search Olympus offices sometime this week in connection with the firm's previous admissions that losses were covered up via fees paid in connection with past acquisitions, Kyodo News reported Friday, citing unnamed sources. Olympus also told lenders that it could run out of cash by 2015, according to a Nikkei business daily report Friday. Reuters reported that Olympus' main lender, a banking unit of Sumitomo Mitsui Financial Group Inc. , said it would maintain its support for the company. Shares of Sumitomo Mitsui Financial Group traded down 1% early Monday.