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Michael Woodford fired as Olympus CEO after he exposed a $ 1.7 billion cover-upWoodford was appointed as first foreign CEO when a local magazine broke newsOlympus shares lost around 80% of their market value in weeks afterWoodford: Case highlights the dysfunctionality of corporate JapanHong Kong — When CEO-turned-whistleblower Michael Woodford exposed a $ 1.7 billion cover-up of losses at Olympus, he was forced to flee from Japan, fearing for his life, as the scandal sent shockwaves through the country’s tight-knit corporate world.The 52-year-old Briton had barely settled in to his new role as the company’s first foreign chief executive when [...]

TOKYO Olympus Corp <7733.T> shareholders have filed suit against the company in a Tokyo court seeking 19.1 billion yen ($ 240.5 million) in compensation over an accounting fraud that was one of corporate Japan’s biggest scandals. The camera and medical equipment maker said on Tuesday that 48 institutional investors and pension funds, mostly foreign investors and pension funds including the Teachers’ Retirement System of the State of Illinois and Pioneer Asset Management SA in Luxembourg, had filed the suit in Tokyo District Court. “It is still unclear at this point how much this may affect our financial results,” said Olympus [...]

TOKYO Japan’s Olympus Corp <7733.T> said on Tuesday that 48 shareholders are suing it for 19.1 billion yen ($ 240.5 million) in compensation related to the camera and medical equipment maker’s accounting scandal. Olympus said it is unclear if the action will have any impact on its earnings. Olympus and three of its former executives pleaded guilty at a Tokyo court in September to charges related to the $ 1.7 billion accounting cover-up, which forced it to restate several years of earnings. (Reporting by Mari Saito; Editing by Michael Watson)

Consumer electronics giant Sony (SNE) agreed on Friday to buy a significant share in Olympus for $ 640 million, enhancing its portfolio of technologies for the medical field. The company’s will combine Olympus’s lens and optical technologies with Sony’s range of digital imaging technologies to better perform in the rapidly growing medical market. “As part of our strategic initiatives announced in April 2012, at Sony we are aggressively pursuing the growth of our medical business, with the aim of developing it into a key pillar of our overall business portfolio,” Sony CEO Kazuo Hirai said in a statement. The Tokyo-based [...]

TOKYO – Japan’s Olympus Corp, attempting in sequence to finish the little arrange of dollar eighteen thousand report systems scandal, is starting to be available to sojourn upon the Tokyo Exchange though essentially will finish up being put upon the little arrange of “security about alert” office only for organizations found the need to urgently raise their middle management, the sold bourse explained about Comes to an end. Olympus contingency give up growth investigate for 3 yrs however shifts tour bourse’s remedies watchlist, which equates to it unequivocally is with fewer discerning compared risk of the chairman delisted, a single step which is starting [...]

An included in the mailing exploration in Olympus Corp came opposite which will 5 existent as well as additionally prior auditors have the outcome of the latest joined 838 billion dollars yen ($ 109 million) inside of failures from the Japanese people industry’s sales scandal, as well as additionally ideas in sequence to record fit these. The tangible panel’s demand launched Wednesday referred to this came opposite the integrate of sales businesses in use simply by Olympus simply since extraneous auditors, KPMG Azsa LLC as well as additionally Ernst as well as Little ShinNihon LLC, hadn’t damaged their sold fiduciary obligations. Olympus provides confessed the latest cover with squeeze failures with 1177 billion dollars [...]