Olympus appoints high court judge to head probe - Daily Telegraph

Discussion in 'Digital Photography' started by Bruce, Nov 1, 2011.

  1. Bruce

    Bruce Guest

    Posted without comment:

    http://preview.tinyurl.com/69vjmkk
    or:
    http://www.telegraph.co.uk/finance/...ge-to-head-improper-payments-probe-panel.html


    Olympus appoints high court judge to head 'improper payments' probe
    panel


    Japanese electronics group Olympus has bowed to pressure from
    shareholders, the market and politicians by appointing a high court
    judge to lead an independent panel looking at more than $1bn (£627m)
    in "improper payments".

    The maker of cameras and medical imaging equipment has appointed six
    individuals to look into payments made in relation to four
    acquisitions in the past five years. Those payments include $687m
    Olympus paid in advisory fees on the back of its $2bn purchase of
    British medical group Gyrus.

    The panel will consist of five lawyers and an accountant. Its make-up
    is based on guidelines from the Japan Federation of Bar Associations.
    None of the six individuals has any previous connection with Olympus,
    the company said in a statement. It will be chaired by former supreme
    court judge Tatsuo Kainaka.

    As well as examining the 2008 acquisition of Gyrus the panel will also
    look at three Japanese deals. Soon after acquisition the three
    companies had their values slashed.

    No deadline has been set for the panel to report its findings.
    Concerns about payments made by Olympus on the four transactions were
    first raised after former chief executive Michael Woodford blew the
    whistle on what had happened.

    He was fired shortly after he presented a report on the payments to
    the board.

    Pressure has been put on the board of Olympus to release minutes of
    board meetings at which the controversial payments were discussed.

    Earlier this week, investor Southeastern Asset Management published a
    letter it sent to the Olympus board shortly after news of the payments
    were made public. The letter called for minutes to be released and the
    independent panel to be set up.

    Meanwhile, the Serious Fraud Office (SFO) has launched a new telephone
    hotline to allow people to blow the whistle on suspected fraud or
    corruption. The confidential service will operate Monday to Friday,
    9am to 5pm. SFO director Richard Alderman said the line, SFO
    Confidential, was designed to allow employees to report suspected
    fraud in their or other workplaces.

    He said: "I have set up a special team to make the SFO readily
    accessible to whistleblowers, with trained staff sympathetic in
    dealing with any anxieties people might have about coming forward."
     
    Bruce, Nov 1, 2011
    #1
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  2. Bruce

    RichA Guest

    They are probably going to do nothing about what happened. They'll
    just pretend the payment was justified by the level of expertise
    offered by the payees.
     
    RichA, Nov 2, 2011
    #2
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  3. Bruce

    Bruce Guest

    RichA <> wrote:
    >They are probably going to do nothing about what happened. They'll
    >just pretend the payment was justified by the level of expertise
    >offered by the payees.



    There has already been one report, the one commissioned from
    PriceWaterhouseCoopers (PWC) by Michael Woodford.

    It identified the huge disparity between the consultancy fees normally
    charged - typically 1% to 3% of the value of the takeover transaction
    - and the amounts paid by Olympus, which were apparently well in
    excess of 30%.

    Given that the facts have not changed, it would be surprising if the
    latest probe reached a dramatically different conclusion to the PWC
    report.
     
    Bruce, Nov 2, 2011
    #3
  4. Bruce

    PeterN Guest

    On 11/2/2011 10:15 AM, RichA wrote:
    > They are probably going to do nothing about what happened. They'll
    > just pretend the payment was justified by the level of expertise
    > offered by the payees.



    And the basis for your comment is?

    I know Bruce will call me offensive for asking.

    --
    Peter
     
    PeterN, Nov 2, 2011
    #4
  5. Bruce

    RichA Guest

    On Nov 2, 12:07 pm, PeterN <> wrote:
    > On 11/2/2011 10:15 AM, RichA wrote:
    >
    > >   They are probably going to do nothing about what happened.  They'll
    > > just pretend the payment was justified by the level of expertise
    > > offered by the payees.

    >
    > And the basis for your comment is?
    >
    > I know Bruce will call me offensive for asking.
    >
    > --
    > Peter


    Because it has happened before and because the Japanese want to get
    rid of this issue as fast as possible.

    http://factsanddetails.com/japan.php?itemid=799&catid=22&subcatid=146
     
    RichA, Nov 2, 2011
    #5
  6. Bruce

    PeterN Guest

    On 11/2/2011 2:11 PM, RichA wrote:
    > On Nov 2, 12:07 pm, PeterN<> wrote:
    >> On 11/2/2011 10:15 AM, RichA wrote:
    >>
    >>> They are probably going to do nothing about what happened. They'll
    >>> just pretend the payment was justified by the level of expertise
    >>> offered by the payees.

    >>
    >> And the basis for your comment is?
    >>
    >> I know Bruce will call me offensive for asking.
    >>
    >> --
    >> Peter

    >
    > Because it has happened before and because the Japanese want to get
    > rid of this issue as fast as possible.
    >
    > http://factsanddetails.com/japan.php?itemid=799&catid=22&subcatid=146
    >

    Glad you have inside information.
    The folks at Olympus I used to play golf with, want to see the issue
    resolved. They recognize that a whitewash would provide a further
    distraction, and they have enough problems.


    --
    Peter
     
    PeterN, Nov 2, 2011
    #6
  7. Bruce

    PeterN Guest

    On 11/2/2011 11:23 PM, Rich wrote:
    > PeterN<> wrote in news:4eb1c7cf$0$26059
    > $-secrets.com:
    >
    >> On 11/2/2011 2:11 PM, RichA wrote:
    >>> On Nov 2, 12:07 pm, PeterN<> wrote:
    >>>> On 11/2/2011 10:15 AM, RichA wrote:
    >>>>
    >>>>> They are probably going to do nothing about what happened.

    > They'll
    >>>>> just pretend the payment was justified by the level of expertise
    >>>>> offered by the payees.
    >>>>
    >>>> And the basis for your comment is?
    >>>>
    >>>> I know Bruce will call me offensive for asking.
    >>>>
    >>>> --
    >>>> Peter
    >>>
    >>> Because it has happened before and because the Japanese want to get
    >>> rid of this issue as fast as possible.
    >>>
    >>> http://factsanddetails.com/japan.php?itemid=799&catid=22&subcatid=146
    >>>

    >> Glad you have inside information.
    >> The folks at Olympus I used to play golf with, want to see the issue
    >> resolved. They recognize that a whitewash would provide a further
    >> distraction, and they have enough problems.
    >>
    >>

    >
    > So what do you think will happen? A few execs may be fired, no money
    > will ever be returned, it will fade...If you rob a bank for $14,000, you
    > get 15 years in jail, you steal $600M, well...



    I don't really know. Be honest, you don't either. I am not gnostic
    enough to guess where I don't know all the facts. though, I strongly
    suspect my dealings with Japanese people has given me a fairly strong
    understanding of basic Japanese culture. And I don't jump to conclusions
    based on a couple of newspaper articles.


    --
    Peter
     
    PeterN, Nov 3, 2011
    #7
  8. Bruce

    PeterN Guest

    On 11/4/2011 10:25 PM, Rich wrote:
    > PeterN<> wrote in news:4eb1c7cf$0$26059
    > $-secrets.com:
    >
    >> On 11/2/2011 2:11 PM, RichA wrote:
    >>> On Nov 2, 12:07 pm, PeterN<> wrote:
    >>>> On 11/2/2011 10:15 AM, RichA wrote:
    >>>>
    >>>>> They are probably going to do nothing about what happened.

    > They'll
    >>>>> just pretend the payment was justified by the level of expertise
    >>>>> offered by the payees.
    >>>>
    >>>> And the basis for your comment is?
    >>>>
    >>>> I know Bruce will call me offensive for asking.
    >>>>
    >>>> --
    >>>> Peter
    >>>
    >>> Because it has happened before and because the Japanese want to get
    >>> rid of this issue as fast as possible.
    >>>
    >>> http://factsanddetails.com/japan.php?itemid=799&catid=22&subcatid=146
    >>>

    >> Glad you have inside information.
    >> The folks at Olympus I used to play golf with, want to see the issue
    >> resolved. They recognize that a whitewash would provide a further
    >> distraction, and they have enough problems.
    >>
    >>

    >
    > But it's pretty clear they tried to whitewash right up to the point where
    > the Brit CEO blew the whistle. Upstanding they are not.



    You have a unique ability to see clarity.

    --
    Peter
     
    PeterN, Nov 5, 2011
    #8
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