Re: Olympus sleaze deepens

Discussion in 'Digital Photography' started by Kenneth Scharf, Oct 23, 2011.

  1. Kenneth Scharf, Oct 23, 2011
    #1
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  2. Kenneth Scharf

    Trevor Guest

    "Kenneth Scharf" <> wrote in message
    news:j816e4$8ef$...
    > A Japanese "Madeoff"


    The world is full of them, and even more wannabees :-(

    Trevor.
    Trevor, Oct 24, 2011
    #2
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  3. Kenneth Scharf

    Bruce Guest

    Olympus chairman Tsuyoshi Kikukawa quits amid scandal - BBC News

    "Trevor" <> wrote:
    >"Kenneth Scharf" <> wrote in message
    >news:j816e4$8ef$...
    >> A Japanese "Madeoff"

    >
    >The world is full of them, and even more wannabees :-(



    from BBC News:
    http://www.bbc.co.uk/news/business-15458505


    Olympus chairman Tsuyoshi Kikukawa quits amid scandal

    Olympus chairman Tsuyoshi Kikukawa is stepping down amid continuing
    management turmoil at the company.

    The Japanese camera and medical equipment maker has seen half of its
    market value wiped off the shares in the past week.

    It had fired its British chief executive, Michael Woodford, after he
    raised questions about extraordinarily high fees and the cost of
    takeovers.

    Olympus shares dropped 7.6% on Wednesday.

    "As we have troubled our customers, business partners and shareholders
    over a series of press reports and a slump in share prices, chairman
    and president Tsuyoshi Kikukawa today returned his titles, as well as
    his right to representation," the company said.

    Mr Kikukawa will become a director without executive rights, the
    company said

    Shuichi Takayama, a current director, will replace him as president.

    Mr Woodford alleged that he was dismissed for questioning Olympus'
    payment of $687m (£436m) as fees to financial advisers during the
    acquisition of UK medical equipment company Gyrus.

    He was the first non-Japanese chief executive of Olympus, a role he
    took over six months ago.

    Mr Woodford commissioned auditors PricewaterhouseCoopers (PwC) to look
    into payments made by Olympus to a Cayman Island company.

    He told the BBC that he was ousted after he distributed a copy of the
    PwC report.
    Bruce, Oct 26, 2011
    #3
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