Ex-Olympus chairman arrested!!

Discussion in 'Digital Photography' started by RichA, Feb 16, 2012.

  1. RichA

    RichA Guest

    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.
     
    RichA, Feb 16, 2012
    #1
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  2. RichA

    Bruce Guest

    RichA <> 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.
     
    Bruce, Feb 16, 2012
    #2
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  3. RichA

    RichA Guest

    On Feb 16, 5:05 am, Bruce <> wrote:
    > RichA <> 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.
     
    RichA, Feb 16, 2012
    #3
  4. RichA

    Bruce Guest

    RichA <> wrote:

    >On Feb 16, 5:05 am, Bruce <> wrote:
    >> RichA <> 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.
     
    Bruce, Feb 16, 2012
    #4
  5. RichA

    RichA Guest

    RichA, Feb 17, 2012
    #5
  6. RichA

    Bruce Guest

    Rich <> 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.
     
    Bruce, Feb 17, 2012
    #6
  7. RichA

    Bruce Guest

    Bruce, Feb 17, 2012
    #7
  8. RichA

    RichA Guest

    On Feb 17, 3:43 am, Bruce <> wrote:
    > Rich <> 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.
     
    RichA, Feb 17, 2012
    #8
  9. RichA

    Bruce Guest

    RichA <> wrote:

    >On Feb 17, 3:43 am, Bruce <> wrote:
    >> Rich <> 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.
     
    Bruce, Feb 17, 2012
    #9
  10. RichA

    RichA Guest

    On Feb 17, 10:19 am, Bruce <> wrote:
    > RichA <> wrote:
    > >On Feb 17, 3:43 am, Bruce <> wrote:
    > >> Rich <> 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?
     
    RichA, Feb 17, 2012
    #10
  11. RichA

    Bruce Guest

    RichA <> wrote:
    >On Feb 17, 10:19 am, Bruce <> wrote:
    >> RichA <> wrote:
    >> >On Feb 17, 3:43 am, Bruce <> wrote:
    >> >> Rich <> 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?



    Personally, I sell used gear and some new accessories, all online. I
    don't get involved in any retail selling.
     
    Bruce, Feb 17, 2012
    #11
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