hurricanemaxi
Joined: 04 Nov 2011
Posts: 120
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 Posted: Tue Dec 06, 2011 7:43 am Post subject: Probe Finds Olympus Management ‘Rotten to the Core’ |
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Olympus Corp.’s senior management was “rotten to the core” and corrupted other layers of executives that touched it, according to the report of an independent panel probing the Japanese company’s accounts.
A small circle of senior executives helped cover up 117 billion yen ($1.5 billion) in investment losses dating back decades by shifting assets offshore through Singapore- and Europe-based banks, the panel said in a 26-page report released today. The cost of the losses increased to 135 billion yen because of fees paid to advisers on the transactions, it said.
Masatoshi Kishimoto, 75, who was the president for eight years since 1993 and his successor Tsuyoshi Kikukawa were among former executives at the Tokyo-based company involved in the cover-up, according to the report. The panel said it found no evidence that money was funneled to anti-social forces, a byword for criminal gangs.
The world’s biggest endoscope maker still faces possible delisting from the Tokyo Stock Exchange unless it meets a deadline to report earnings by Dec. 14. The company is also under investigation by the Tokyo District Public Prosecutors Office and other authorities and the officials involved in hiding losses may face criminal charges.
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