Olympus and the Japanese mafia

[Kym]

http://www.abc.net.au/news/2011-10-24/olympus-scandal-mafia-allegations/3596556


The former chief executive of camera company Olympus says he believes up to $1.3 billion in unjustified payments made by the company may have gone to the Japanese mafia.
Briton Michael Woodford, who was the first non-Japanese to be appointed to run Olympus in its 92-year history,
alleges he was ousted at a board meeting almost two weeks ago for questioning where the payments went.

He was reportedly told by a disdainful Japanese colleague to go "catch a bus to the airport".

The scandal has shaken the blue-chip company and sent its share price into free fall.



Read more in the link above.

[mongo]

pretty concerning stuff - bit of a worry for one of the icons in optics.

On a lighter note - are members of the Japanese mafia good photographers ??

[Kym]

on a lighter note - are members of the Japanese mafia good photographers ??

Good photographic subjects I think http://www.cuded.com/2011/09/893-yakuza-photography-by-anton-kusters/

[ricktas]

More news : http://www.news.com.au/breaking-news/olympus-chief-quits-over-fees-row/story-e6frfku0-1226177692178

[Bennymiata]

While the Yakuza in Japan have their hand in many businesses over in Japan, no-one, and I mean NO-ONE wants to talk about it.

[Kym]

WSJ http://online.wsj.com/article/SB10001424052970203554104576654434277415242.html


TOKYO—Olympus Corp. defended the four acquisitions at the heart of the controversy engulfing the company, a day after its chairman resigned to take responsibility for the intensifying turmoil.

In a Thursday morning news conference in Tokyo, Olympus's new president, Shuichi Takayama, repeated claims he had made at a conference to announce his appointment the night before, saying payments related to the four deals were appropriate and nothing illegal had happened. Mr. Takayama was tapped Wednesday after Olympus Chairman Tsuyoshi Kikukawa stepped down, following a bitter board battle with Olympus's former chief executive, Michael Woodford. Mr. Woodford was sacked two weeks ago after raising concerns about the four deals, sending Olympus shares plummeting more than 50%.

More in link above

[ericimbs]

olympus has always been a sentimental fave. this is sad news.

[LJG]

Strike me pink! I guess we'd probably be surprised at just how many company's they have actually infiltrated. I guess we'll never know but I bet there are more than a few other company's now getting a bit nervous of this revelation. If they are in a similar situation they will be very selective in choosing future executive officers.

[ricktas]

Strike me pink! I guess we'd probably be surprised at just how many company's they have actually infiltrated. I guess we'll never know but I bet there are more than a few other company's now getting a bit nervous of this revelation. If they are in a similar situation they will be very selective in choosing future executive officers.

I bet there are quite a few shareholders who are not happy as well, who might be more selective of which shares they buy.

[Bennymiata]

Looks like the proverbial is going to hit the fan soon.
Olympus shares are only worth around a third of what they should be, and the board are being asked a lot of questions.

Imagine how profitable they would be if they didn't pay the Yakuza?