Normal 0 false false false microsoftinternetexplorer4 the aftershocks of this financial temblor will be felt for years to come olympus, a japanese camera maker plagued by an accounting scandal. Olympus, a japanese camera maker plagued by an accounting scandal, finally submitted revised earnings statements today and the financial hit was even more massive than many had expected: net assets came in ¥105 billion ($13 billion) lower and now reach a meagre ¥46 billion last year's net profit was halved to ¥39 billion.
Now olympus is experiencing a mass departure of tainted executives and directors it is not clear whether a new board will bring mr woodford back more than 20 years after the scandal began, the valuation of financial assets for which there is no ready market remains a subject of controversy. Exposure: inside the olympus scandal: how i went from ceo to whistleblower by michael woodford portfolio 258 pages $2795 and £20 buy from amazoncom, amazoncouk in april 2011 the japanese camera-maker olympus appointed its first foreign president, michael woodford, a briton and 30-year company veteran.
Free essay: the olympus scandal hot potatoes and flying funds summary this paper describes the case of olympus, a japanese manufacturer of optic equipment.
Five years ago, olympus corp was caught up in the oddest of corporate scandals its then-ceo, michael woodford, uncovered an accounting scandal at the company that went undetected for years, besmirching the name of a once-proud japanese maker of digital cameras and medical equipment.
Three former executives of olympus have been given suspended jail terms for their roles in an accounting scandal former chairman tsuyoshi kikukawa and executives hisashi mori and hideo yamada pleaded guilty last year to charges of falsifying accounts to cover up losses of $17bn (£11bn.
Now, woodford recounts his almost unbelievable true story — from the email that first alerted him to the scandal, to the terrifying rumors of involvement with the japanese mafia, to the stream of fruitless denials that continued to emanate from olympus in an effort to cover up the scandal.
The olympus scandal was precipitated on 14 october 2011 when british-born michael woodford was suddenly ousted as chief executive of international optical equipment manufacturer olympus corporation.