*NEWS*KONICA-MINOLTA BUSTED…….FAILED TO DECLARE INCOME

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*NEWS*KONICA-MINOLTA BUSTED…….FAILED TO DECLARE INCOME

 user 2008-05-22 at 3:06:06 pm Views: 69
  • #20016
    http://afp.google.com/article/ALeqM5i7SEavQ_ZUfUIsECwqzT9B83ryLA
    Japan’s Konica Minolta says failed to declare income
    May 
    2008 TOKYO  — Japanese office equipment maker Konica Minolta said
    Friday that it was ordered to pay a penalty for failing to declare
    income of some 17 million dollars.Konica Minolta Holdings Inc. said it
    and its subsidiaries inadvertently concealed 1.8 billion yen (17.4
    million dollars) in income for two years to March 2007.

    It was
    ordered to pay some 1.2 billion yen in additional taxes as a penalty, a
    company spokesman said.One of its subsidiaries, Konica Minolta
    Healthcare Co., had lent digital X-ray equipment for free to hospitals
    as part of a sales promotion, the spokesman said.But the company
    reported costs for the equipment in its earnings instead of writing it
    off as a depreciation of assets, he said.The total income that the
    company failed to declare during the two years, including other cases
    of accounting errors, amounted to more than two billion yen, he
    said.”It was part of the company’s sales promotion programme,” he said.
    “The company thought it would be no problem to report the cost,” he
    added.

    The group, formed through the 2003 merger of Konica and
    Minolta, later reported a 5.1 percent drop in net profit for the year
    to March to 68.83 billion yen due to foreign exchange losses and lower
    gains on asset sales.Operating profit rose 15.0 percent to a record
    high 119.61 billion yen as revenue gained 4.3 percent to 1.07 trillion
    yen, a company statement said.Konica Minolta decided in 2006 to sell
    its high-end camera business to Sony after the market become too
    competitive.It said it was now enjoying strong demand for
    multi-function photocopiers, optical pickup lenses for next-generation
    DVD players and film used to make liquid crystal displays.For the
    current fiscal year to March, the company forecast a net profit of 70
    billion yen, operating earnings of 120 billion and revenue of 1.11
    trillion.