Sony, Toyota 'acquisition' claims to be corrected

TOKYO, Jan. 28, 2008 (Thomson Financial delivered by Newstex) -- Japan's Financial Services Agency (FSA) has ordered a little-known company to correct its assertion that it has bought controlling stakes in a clutch of corporate giants including Sony (NYSE:SNE) Corp and Toyota Motor Corp (NYSE:TM) , officials said Monday.

Teramento Corp, reportedly capitalized at 1,000 yen, raised eyebrows Friday when it announced 'acquisitions', together worth 188 billion dollars, of majority stakes in some of Japan's leading companies.

Teramento said it bought 51 percent of Sony, Toyota Motor, Nippon Telegraph & Telephone Corp (NYSE:NTT) (NTT), Mitsubishi Heavy Industries, Fuji Television Network and Astellas Pharma.

The company, which is registered in Kawasaki City near Tokyo and is involved in information technology and other businesses, said so in filings with the FSA's electronic information disclosure system after the market closed Friday.

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CeruleanSky3674d ago

At the rate Apple's stock is falling you won't. Down 35 percent this month.

Bonsai12143674d ago

every stock went down this month... apple is no exception. plus the underwhelming macworld didn't help.

anyways, so this group bought 51% of all of those companies? where'd they find the money for that. or did i read it wrong?

CeruleanSky3674d ago

NASDAQ is down around 12 percent this month.

AAPL is down 35 percent, so they are a huge exception.

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INehalemEXI3674d ago

Wow 51 pct of Sony that must have cost billjions

kspraydad3674d ago

The filings prompted the agency to investigate as the total value of the deals would be some 20 trillion yen, nearly one quarter of Japan's national budget.

The agency 'judged the claim about the [acquisition of the] 51 percent stakes is false and ordered the company to correct its reports,' said an inspector at the regional financial bureau supervising Kawasaki.

Teramento was ordered to correct the filings by 5.15 pm (0815 GMT) Monday, when the electronic disclosure system halts for the day, the official said.

The company had not submitted a correction by late morning, he said.

Failure to obey the order is punishable by imprisonment of up to one year or fines of up to 1 million yen, the official said.

The Yomiuri Shimbun quoted Teramento's representative as saying: 'I run an IT company but live on doing part-time jobs. I didn't know what I filed would be made public as they are.'

Dude...these are SurferGirlesque assertions!

CNIVEK3674d ago

Busted! :D What an idiot. "Oh, I'm sorry...I didn't know lying was wrong".

Lord Anubis3674d ago

Disinformation will get no one anywhere. He must rectify his mischief or he will pay dearly.

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