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Sony to become Olympus' biggest shareholder with $650m investment
Sony is planning to invest ¥50bn ($642m) in troubled medical and photographic company Olympus, according to news agency Reuters. The report says three sources have confirmed Sony approve a move to take a 10% stake in Olympus, which is still reeling from the revelations that its executives covered-up $1.7bn of loses dating back to the 1990s. The report comes a day after former Olympus Chairman Tsuyoshi Kikukawa and two other former executives pleaded guilty to fraud charges relating to the cover-up.
Olympus has issued a statement saying it has not made any annoucement yet and will do when there is a development.