Posts Tagged ‘scandal’

The Future of Olympus “Extremely Dark” in Wake of Financial Scandal

 

Olympus—considered one of the top camera companies in the world—announced today that three of its top executives have been been hiding investment losses for the past two decades. Bloomberg reports that in the wake of the brewing scandal, which included an FBI investigation last month, “The Japanese camera maker’s shares slumped 29 percent yesterday after it reversed weeks of denials that there was any wrongdoing in past acquisitions. The company fired Executive Vice President Hisashi Mori over his role in covering up the losses with former Chairman Tsuyoshi Kikukawa, who resigned last week, and said auditor Hideo Yamada would step down.”

So what does this mean for the future of the 92-year-old brand? Reuters quotes ITC Investment Partners chief investment officer Ryosuke Okazaki as saying, “The future of the company is extremely dark,” and reports that Josh Shores—the biggest non-Japanese Olympus shareholder, who owns 5 percent of the company—is calling for a replacement of the entire board.

(via Bloomberg, Reuters)

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