Isabel's Feed
Nov 25, 2011

Olympus ex-CEO Woodford says willing but not begging

TOKYO (Reuters) – The British ex-CEO of Japan’s Olympus Corp emerged from a frosty meeting of directors on Friday, convinced its board would eventually quit over an accounting scandal engulfing the firm, but he said he wasn’t “begging” to return and clean up the mess.

Michael Woodford, still an Olympus director despite being fired as CEO and blowing the whistle over the scam, described the meeting as a tense encounter with no handshakes or apologies offered from the men who had sacked him barely a month ago.

Nov 24, 2011

Olympus ex-CEO Woodford faces tense boardroom showdown

TOKYO, Nov 25 (Reuters) – Japan’s disgraced Olympus
Corp is set for a tense boardroom showdown on Friday
when its former chief executive confronts the men who sacked him
a month ago with his own call for their resignations over a huge
accounting scandal.

Michael Woodford, still an Olympus director despite being
fired as CEO and blowing the whistle over the scandal, plans to
attend the firm’s scheduled board meeting in Tokyo, his first
return to the boardroom since it unanimously dumped him on Oct.
14.

Nov 24, 2011

Olympus execs quit before showdown with ex-CEO

TOKYO (Reuters) – Three executives of Japan’s Olympus Corp resigned on Thursday ahead of a boardroom showdown with ousted CEO Michael Woodford, as the British whistleblower said he would not be surprised if “some criminality” were involved in the scandal engulfing the once-venerable firm.

The camera and endoscope maker admitted this month it hid losses on securities investments for two decades, blaming former president and chairman Tsuyoshi Kikukawa, former vice-president Hisashi Mori and internal auditor Hideo Yamada for the cover-up.

Nov 24, 2011

Ex-Olympus CEO “confident” of thorough probe

TOKYO, Nov 24 (Reuters) – Former Olympus CEO Michael
Woodford said on Thursday he was confident Japanese authorities
would fully investigate an accounting scandal engulfing the
disgraced camera maker, as he prepared for a showdown with the
directors who sacked him.

“It’s clear they’re going to investigate, they’re not going
to leave any part of this story untold and they’re going to turn
all the stones over,” the 51-year-old Briton told reporters
after meeting police, prosecutors and securities watchdog
officials.

Nov 24, 2011

Ex-Olympus CEO “confident” probe will be thorough

TOKYO (Reuters) – Former Olympus CEO Michael Woodford said that after meeting with Tokyo police, prosecutors and regulators on Thursday he was confident they would do a thorough job in investigating an accounting scandal engulfing the disgraced camera maker.

“It’s clear they’re going to investigate, they’re not going to leave any part of this story untold and they’re going to turn all the stones over,” the 51-year-old Briton told reporters.

Nov 18, 2011

Japan Inc steps up shift overseas as yen stays high

TOKYO (Reuters) – Japan’s big manufacturers are speeding up their shift overseas, in a sign they see the strong yen as a long-term handicap rather than a temporary blip, as they struggle to compete with nimble Asian rivals.

A sluggish home market and energy shortages following the widespread nuclear power shutdown sparked by the March 11 earthquake and ensuing atomic crisis are also tipping the balance toward investment abroad.

Nov 11, 2011

Analysis – Olympus medical business too big

TOKYO (Reuters) – Japan’s Olympus Corp risks collapsing under a massive accounting scandal, but the company’s big and profitable medical business is likely to emerge from any wreckage unharmed.

That is the view of both Olympus’s investors and customers as they watch, horrified at events unfolding at the once-proud company, which has admitted to hiding losses for decades and using dubious M&A payments to help cover them up.

Nov 11, 2011

Olympus medical business too big to fail

TOKYO (Reuters) – Japan’s Olympus Corp risks collapsing under a massive accounting scandal, but the company’s big and profitable medical business is likely to emerge from any wreckage unharmed.

That is the view of both Olympus’s (7733.T: Quote, Profile, Research) investors and customers as they watch, horrified at events unfolding at the once-proud company, which has admitted to hiding losses for decades and using dubious M&A payments to help cover them up.

Nov 11, 2011

Analysis: Olympus medical business too big to fail

TOKYO (Reuters) – Japan’s Olympus Corp risks collapsing under a massive accounting scandal, but the company’s big and profitable medical business is likely to emerge from any wreckage unharmed.

That is the view of both Olympus’s investors and customers as they watch, horrified at events unfolding at the once-proud company, which has admitted to hiding losses for decades and using dubious M&A payments to help cover them up.

Nov 9, 2011

Olympus admits hid losses for decades

TOKYO (Reuters) – Japan’s Olympus admitted on Tuesday it hid losses on securities investments dating back two decades, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt.

The revelations by the 92-year-old company appear to vindicate ex-CEO Michael Woodford, who has staged a campaign since being sacked on October 14 to force the firm to come clean on nearly $1.5 billion (930.7 million pound) in questionable payments.