Scam-hit Olympus to slash 2,700 jobs

Jun 08, 2012 |

TOKYO

Tags:

Olympus

Scandal-hit Japanese camera and medical equipment maker Olympus said on Friday it will cut 2,700 jobs as part of a wider restructuring as it tries to recover from a loss cover-up scandal.

The firm's balance sheet has deteriorated after its British former chief executive blew the whistle over $1.7 billion worth of losses the company had moved off its balance sheet.

The company expects to post a net profit in the current fiscal as it tries to recover from the loss cover-up scandal.

The firm which lost 48.99 billion yen ($618 million) in the year to March, said it would earn 7 billion yen in the current business year, after its British former chief executive blew the whistle over $1.7 billion worth of losses the company had moved off its balance sheet.

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