Japan insurer Millea quits Nasdaq, U.S. accounting
0 Comments Published by megan July 5th, 2007 in SOX, Asia, Company News, Accounting rules, Sarbox Tags: accounting, combat fraud, enron scandal, foreign companies, holding company, insurer, nasdaq market, sarbanes oxley act.Japanese insurer Millea Holdings Inc. (8766.T) said on Thursday it will voluntarily have its shares delisted from the U.S. Nasdaq market and stop reporting its earnings under U.S. accounting rules to save costs.
Millea, a holding company with both life and non-life insurance operations, also announced plans to buy back up to 7 million of its own shares, or 31 billion yen ($253 million) worth. That is equal to about 0.8 percent of its outstanding shares.
Several foreign companies have recently delisted their shares from U.S. exchanges due to the high cost of maintaining a listing and complying with the Sarbanes-Oxley Act, a set of tough accounting laws enacted to combat fraud after the Enron scandal.
Yahoo!.com: Japan insurer Millea quits Nasdaq, U.S. accounting
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