Olympus chairman and president Tsuyoshi Kikukawa resigned today after the company stock got hit hard based on fraud accusations made by the former CEO Michael Woodford. Tsuyoshi Kikukawa issued an apology but still denied any wrong doing. You can see the official statement from Olympus here. Via Bloomberg
From NYTimes – now the FBI is investigating the questionable Olympus deal: The F.B.I. is now investigating the $687 million payment, according to two people briefed on the case. The focus of the investigation is not yet clear, and a spokesman for the F.B.I. in New York, James M. Margolin, declined to comment. “We are not aware of […]
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. […]
Today Olympus released an official response to the fraud accusations brought by the former CEO Michael Woodford:
From what I’ve read online, it seems that Olympus got themselves in a big mess. Reportedly, Olympus paid over $675 million (that equals to almost two years company’s earnings) to unknown accounts in the Cayman Islands. The company that received the payments disappeared two weeks later. The payments were supposed to be a commission for […]
