Japanese technology giant Olympus is suing the company’s president and 18 other former and current executives for their involvement in a massive accounting fraud scandal. The suit accuses President Shuichi Takayama and the others of either taking part in or knowing about a scheme to hide $1.7 billion in losses from bad investments. Olympus is […]
Japanese Firm Sues Past, Present Executives Over Accounting Cover-Up
Posted January 10th, 2012 at 8:10 am (UTC-5)
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Fired Olympus President Gives Up Efforts to Return
Posted January 5th, 2012 at 9:25 pm (UTC-5)
The former head of Japan’s Olympus camera company who was fired for exposing a massive accounting scandal says he is giving up his efforts to get his job back. Michael Woodford, who is British, said Friday he could not get the support of major Japanese shareholders. He also said his struggles to return to the […]
Olympus Headquarters Raided
Posted December 21st, 2011 at 2:50 am (UTC-5)
Japanese prosecutors raided the headquarters of disgraced Japanese electronics manufacturer Olympus as part of an ongoing investigation into a massive accounting scandal. National television showed on Wednesday dark-suited investigators marching into the Tokyo office building of the camera and medical equipment maker. The company confirmed the raid. Japanese media also reported that the homes of […]
Olympus Execs Consider Recovery Options
Posted December 15th, 2011 at 4:00 am (UTC-5)
Leaders of disgraced electronics manufacturer Olympus discussed their options for shoring up the company’s huge investment losses on Thursday, as earnings were expected to slide further into the red. Olympus President Shuichi Takayama said at a press conference that the Japanese company was considering business partnerships to help put it back on track after being […]
Olympus Submits Revised Earning Reports
Posted December 14th, 2011 at 4:55 am (UTC-5)
Disgraced Japanese electronics manufacturer Olympus filed revised earning reports on Wednesday, meeting a deadline to avoid being removed from the Tokyo Stock Exchange. The maker of cameras and medical equipment handed in five years worth of corrected statements just hours before the deadline expired. The company showed $414 million in losses for the first half […]
Olympus Promises to Pursue Executives in Accounting Scandal
Posted December 7th, 2011 at 8:05 am (UTC-5)
Japanese electronics manufacturer Olympus says it will consider legal action against executives responsible for covering up $1.7 billion in investment losses. A somber Olympus President Shuichi Takayama apologized Wednesday for the scandal, suggesting the company could press charges against those who allegedly used suspicious business deals to disguise the losses. Takayama said the company will […]
Panel Blames ‘Rotten’ Senior Management for Japan’s Olympus Scandal
Posted December 6th, 2011 at 5:50 am (UTC-5)
A committee investigating disgraced Japanese electronics manufacturer Olympus has blamed the company’s “rotten” top management and “contaminated” senior executives for the accounting scandal that has rocked the company. The panel’s report Tuesday said that a small circle of senior officials was responsible for the elaborate plot to use a series of suspicious business deals to […]
Panel Blames ‘Rotten’ Senior Management for Japan’s Olympus Scandal
Posted December 6th, 2011 at 4:10 am (UTC-5)
A committee investigating disgraced Japanese electronics manufacturer Olympus has blamed the company’s “rotten” top management and “contaminated” senior executives for the accounting scandal that has rocked the company. The panel’s report Tuesday said that a small circle of senior officials was responsible for the elaborate plot to use a series of suspicious business deals to […]
Fired Olympus Chief Meets With Tokyo Prosecutors
Posted November 24th, 2011 at 3:30 am (UTC-5)
The ousted chief executive of Olympus Corporation met with Japanese prosecutors Thursday to discuss the accounting scandal that has rocked the giant camera and medical equipment company. British-born executive Michael Woodford told reporters outside the Tokyo prosecutors’ office he was looking forward to the meeting but declined to discuss details of what he would discuss. […]
Japan to Investigate Olympus Amid Investment Scandal
Posted November 11th, 2011 at 5:25 am (UTC-5)
Japan’s financial watchdog said Friday it would move quickly to investigate camera and medical equipment maker Olympus, after the company revealed it hid massive losses on securities investments dating from the 1990s. Financial Services Minister Shozaburo Jimi said the scandal had sparked distrust among investors internationally. Olympus President Shuichi Takayama acknowledged Tuesday that losses were […]
