[1]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.
Links:
[1] http://archive.asianage.com/olympus-afp17jpgcropdisplayjpg-010