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Ex-Olympus chairman arrested!!

 
 
RichA
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      02-16-2012
BBC:

15 February 2012 Last updated at 23:14 ET
Former Olympus chairman arrested in accounting probe

Former Olympus chairman Tsuyoshi Kikukawa has been arrested as part of
the continuing investigations into the camera company, according to
Japanese media.

The firm is being probed for an accounting cover-up after it admitted
to hiding $1.7bn (1bn) in losses for two decades.

Mr Kikukawa resigned in October after the scandal broke out.

Olympus has sued 19 former and current executives over the issue.

"This is the first solid increment, taking a system that has governed
itself on informal rules, to the one that is based on formal rules and
law," Kenneth Cukier of The Economist told the BBC.
'Game over'

The scandal broke out in October after former chief executive Michael
Woodford claimed he was fired for raising concerns about the company's
accounting practices.

Mr Woodford pointed out that he had questioned Olympus' payment of
$687m in fees to financial advisers during the acquisition of UK
medical equipment company Gyrus.

Although the company initially denied the allegations, it later
admitted that it had been hiding losses for as long as 20 years.

The scandal resulted in the company's shares plunging more than 50% on
the Tokyo Stock Exchange (TSE).

The TSE had also placed the stock under a watch list as the firm
delayed filing its latest accounts in the wake of the scandal.

Analysts said the latest developments were a victory for the firm's
shareholders.

"It is game over for Kikukawa and other people who have frauded the
company and its shareholders of billions of dollars," said Mr Cukier.

"This is a day that anyone who believes in the rule of law should be
celebrating."
'Strange situation'

Olympus has been going through a tough time since the scandal broke,
not least because of the way in which it has handled the affair.

While it has sued 19 people involved in the cover-up, some of those
accused continue to be a part of the firm's management.

Analysts said this was preventing necessary changes from being made at
the firm.

"In the case of Olympus, we have a very strange situation," Gerhard
Fasol of Eurotechnology Japan told the BBC.

"There is a management in place that is being sued by its own company
and has publicly declared that it is not going to take any big
decision," he said.

The firm has said that all board members subject to the lawsuit will
resign by March or April.

It has also called an emergency shareholder meeting to elect new
management.

However, analysts said these steps should have been taken much earlier
and that the delay has hurt Olympus.
 
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Bruce
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      02-16-2012
RichA <(E-Mail Removed)> wrote:

>BBC:
>
>15 February 2012 Last updated at 23:14 ET
>Former Olympus chairman arrested in accounting probe
>
>Former Olympus chairman Tsuyoshi Kikukawa has been arrested as part of
>the continuing investigations into the camera company, according to
>Japanese media.


<snip>


Rich,

Weren't you the person who predicted, with absolute confidence, that
the Japanese authorities would sweep all this under the carpet?

Today's news proves that sweeping it under the carpet is the last
thing they intend to do.

 
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RichA
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      02-16-2012
On Feb 16, 5:05*am, Bruce <(E-Mail Removed)> wrote:
> RichA <(E-Mail Removed)> wrote:
> >BBC:

>
> >15 February 2012 Last updated at 23:14 ET
> >Former Olympus chairman arrested in accounting probe

>
> >Former Olympus chairman Tsuyoshi Kikukawa has been arrested as part of
> >the continuing investigations into the camera company, according to
> >Japanese media.

>
> <snip>
>
> Rich,
>
> Weren't you the person who predicted, with absolute confidence, that
> the Japanese authorities would sweep all this under the carpet?
>
> Today's news proves that sweeping it under the carpet is the last
> thing they intend to do.


They are. The guy is gone, the corporation is absolved. Going after
a few people no longer with the firm is what politicians do when they
throw people under a bus. Nothing will happen to Olympus proper.
 
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Bruce
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      02-16-2012
RichA <(E-Mail Removed)> wrote:

>On Feb 16, 5:05*am, Bruce <(E-Mail Removed)> wrote:
>> RichA <(E-Mail Removed)> wrote:
>> >BBC:

>>
>> >15 February 2012 Last updated at 23:14 ET
>> >Former Olympus chairman arrested in accounting probe

>>
>> >Former Olympus chairman Tsuyoshi Kikukawa has been arrested as part of
>> >the continuing investigations into the camera company, according to
>> >Japanese media.

>>
>> <snip>
>>
>> Rich,
>>
>> Weren't you the person who predicted, with absolute confidence, that
>> the Japanese authorities would sweep all this under the carpet?
>>
>> Today's news proves that sweeping it under the carpet is the last
>> thing they intend to do.

>
>They are. The guy is gone, the corporation is absolved. Going after
>a few people no longer with the firm is what politicians do when they
>throw people under a bus. Nothing will happen to Olympus proper.



Why sacrifice a good company for no good reason? The company and the
vast majority of its employees have done no wrong.

The problem is with the previous board of directors and a tiny number
of other employees who did their bidding. The majority of those
people have been expelled from the company.

They are responsible for what happened. They should take the blame
and endure the punishment, not the good people they left behind.

 
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RichA
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      02-17-2012
Good news! Six more arrested!

http://www.reuters.com/article/2012/...81E22120120216


 
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Bruce
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      02-17-2012
Rich <(E-Mail Removed)> wrote:

>The corporation should be punished. Unless you are stupid enough to
>think that just those SIX they've now arrested did it all. They should
>be punished, their accounting firms, all of them.



Let's put Olympus out of business, eh?

What an idiot.

 
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Bruce
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      02-17-2012
RichA <(E-Mail Removed)> wrote:

>Good news! Six more arrested!
>
>http://www.reuters.com/article/2012/...81E22120120216
>



About time you shut up, then.

 
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RichA
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      02-17-2012
On Feb 17, 3:43*am, Bruce <(E-Mail Removed)> wrote:
> Rich <(E-Mail Removed)> wrote:
> >The corporation should be punished. *Unless you are stupid enough to
> >think that just those SIX they've now arrested did it all. *They should
> >be punished, their accounting firms, all of them.

>
> Let's put Olympus out of business, eh?
>
> What an idiot.


I understand your concern. You have a vested interest since you sell
their product. But it clouds your judgement.
 
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Bruce
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      02-17-2012
RichA <(E-Mail Removed)> wrote:

>On Feb 17, 3:43*am, Bruce <(E-Mail Removed)> wrote:
>> Rich <(E-Mail Removed)> wrote:
>> >The corporation should be punished. *Unless you are stupid enough to
>> >think that just those SIX they've now arrested did it all. *They should
>> >be punished, their accounting firms, all of them.

>>
>> Let's put Olympus out of business, eh?
>>
>> What an idiot.

>
>I understand your concern. You have a vested interest since you sell
>their product.



Not true.


>But it clouds your judgement.



Therefore that cannot be true either.

 
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RichA
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      02-17-2012
On Feb 17, 10:19*am, Bruce <(E-Mail Removed)> wrote:
> RichA <(E-Mail Removed)> wrote:
> >On Feb 17, 3:43*am, Bruce <(E-Mail Removed)> wrote:
> >> Rich <(E-Mail Removed)> wrote:
> >> >The corporation should be punished. *Unless you are stupid enough to
> >> >think that just those SIX they've now arrested did it all. *They should
> >> >be punished, their accounting firms, all of them.

>
> >> Let's put Olympus out of business, eh?

>
> >> What an idiot.

>
> >I understand your concern. *You have a vested interest since you sell
> >their product.

>
> Not true.
>
> >But it clouds your judgement.

>
> Therefore that cannot be true either.


What brands do you sell?
 
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