Oki Electric Industry, the maker of ATMs, telecommunications equipment and printers, suspended its Managing Director of its Spanish printer making entity Oki Systems Ibérica S.A.U. amid accounting probe. The MD allegedly overstated the Spanish unit’s accounts receivables. On a consolidated basis the total impact of this matter is estimated to be approximately 8.0 billion yen in risk of loss and there is a possibility that it may impact past fiscal year results. The company’s forecasts may be revised due to this issue.
The Q1 financial results that were due to be announced by August 14, 2012, will be delayed by a month. The Tokyo exchange placed the stock on its supervision list because the company will miss the submission deadline of Aug. 14 for its quarterly report.