Olympus Chairman Resigns Amid Widening Scandal

[AngryAmish]

Source: NY Times

The president and chairman of Olympus, the Japanese manufacturer embroiled in a scandal over a series of costly acquisitions, resigned Wednesday and was replaced by a director of the company.

Tsuyoshi Kikukawa had taken charge of Olympus on Oct. 14 after he abruptly fired the former head of the company, the Briton Michael C. Woodford, citing cultural differences in management styles.

snip

Mr. Woodford said exorbitant fees to the tune of $687 million were paid to now defunct advisory companies for Olympus’s 2008 acquisition of Gyrus, a British medical equipment maker.

Read more: http://www.nytimes.com/2011/10/27/business/global/olympus-chairman-resigns-amid-widening-scandal.html?_r=1&hp

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If you like corporate scandals, here you go. Why would Olympus pay so much to a two person firm in the Caymen Islands? Because this was a Yakuza shakedown. Look for people to start to disappear, starting with the people who supposedly got the money.

[No Elephants]

1. K & R

Are ANY firms actually operating out of the Caymans? I thought that was just a place to incorporate and then stash money.

"Mr, Takayama denied the possibility of any company ties to organized crime, suggested by some tabloids in Japan. “I am not aware of that at all,” he said. He also denied that Mr. Kikukawa, known to be a powerful presence on the Olympus board, would continue to wield his influence. Mr. Takayama said that he would act based on his own thinking."



I never had sex with that mobster?

[arikara]

2. Why is the FBI investigating

a crooked Japanese corporation who canned a British CEO? Are they now the official world police?

[alfredo]

3. They do business in the US.

I am a Olympus owner, so I am concerned about what is going to happen to their fine camera line.

[AngryAmish]

4. Publicly held corporation with shareholders in US

Also one of the "advisors" is based in US. These "advisors" are probably yakuza fronts.