Olympus fraud accusations update
Few quick updates on the Olympus fraud accusations by their former CEO Michael Woodford:
- "Ousted Olympus Corp chief executive Michael Woodford is consulting police over whether he needs protection after passing "new information" to British fraud investigators about the Japanese company's irregular payments to advisory firms" (Reuters)
- "The veteran banker, Hajime 'Jim' Sagawa, owned an obscure U.S. financial firm which was hired by the endoscope-maker five years ago to provide what later turned out to be stunningly expensive advice, a fee of $687 million (435 million pounds), the documents show" (Reuters)
- "The $687 million fee Japan's Olympus Corp paid its financial advisers for the $2.2 billion purchase of a British medical equipment maker is one for the record books, literally" (Reuters)
- "Japan's Olympus Corp said on Friday it would set up an independent panel to examine its past M&A deals after shareholders demanded an explanation for massive fees paid to advisers in a 2008 acquisition" (Reuters)
- "Shares of Olympus Corp (7733.T) briefly fell below 1,241 yen on Friday, a point at which they were worth half of their value before the company's ongoing management scandal erupted. Olympus was down 5.2 percent at 1,251 after earlier falling as low as 1,236 yen" (Reuters)
- "The Serious Fraud Office (SFO) tonight confirmed that it yesterday received a second visit from the ousted Olympus CEO Michael Woodford" (AP)