TOKYO (XFN-ASIA) - Sanyo Electric Co has decided to voluntarily restate its year to March 2004 earnings following the launch of a Securities and Exchange Surveillance Commission investigation into its accounting procedures for that year, the Nikkei reported, without citing sources.
The exact size of the revision has yet to be determined, the business daily said.
Sanyo, which has been trying to turn around its troubled electronics business, is expected to make the announcement next month, it said.
The SESC is looking into allegations that Sanyo underestimated valuation losses on its holdings in struggling subsidiaries and affiliates in reporting earnings for fiscal 2003, the report said.
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