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Matches in DBpedia 2014 for { ?s ?p 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. He had been company president for six months, and two weeks prior had been promoted to chief executive officer, when he exposed "one of the biggest and longest-running loss-hiding arrangements in Japanese corporate history", according to the Wall Street Journal. Tsuyoshi Kikukawa, the board chairman, who had appointed Woodford to these positions, again assumed the title of CEO and president. The incident raised concern about the endurance of tobashi schemes, and the strength of corporate governance in Japan.The facts concerning the apparently irregular payments for acquisitions exposed in an article in the Japanese financial magazine FACTA had come to Woodford's attention and which resulted in very significant asset impairment charges in the company's accounts. Japanese press speculated on a connection to Yakuza (Japanese organised crime syndicates). Olympus defended itself against allegations of impropriety.Despite Olympus' denials, the matter quickly snowballed into a corporate corruption scandal over concealment (called Tobashi) of more than 117.7 billion Yen ($1.5 billion) of investment losses and other dubious fees and other payments dating back to the late 1980s and suspicion of covert payments to criminal organisations. On 26 October, Kikukawa was replaced by Shuichi Takayama as chairman, president, and CEO. On 8 November 2011, the company admitted that the company's accounting practice was "inappropriate" and that money had been used to cover losses on investments dating to the 1990s. The company blamed the inappropriate accounting on former president Tsuyoshi Kikukawa, auditor Hideo Yamada and executive vice-president Hisashi Mori.By 2012 the scandal had developed into one of the biggest and longest-lived loss-concealing financial scandals in the history of corporate Japan; it had wiped 75–80% off the company's stock market valuation, led to the resignation of much of the board, investigations across Japan, the UK and US, the arrest of 11 past or present Japanese directors, senior managers, auditors and bankers of Olympus for alleged criminal activities or cover-up, and raised considerable turmoil and concern over Japan's prevailing corporate governance and transparency and the Japanese financial markets. Woodford received a reported £10 million ($16 m) in damages from Olympus for defamation and wrongful dismissal in 2012; around the same time, Olympus also announced it would shed 2,700 jobs (7% of its workforce) and around 40 percent of its 30 manufacturing plants by 2015 to reduce its cost base.. }

• Olympus_scandal abstract "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. He had been company president for six months, and two weeks prior had been promoted to chief executive officer, when he exposed "one of the biggest and longest-running loss-hiding arrangements in Japanese corporate history", according to the Wall Street Journal. Tsuyoshi Kikukawa, the board chairman, who had appointed Woodford to these positions, again assumed the title of CEO and president. The incident raised concern about the endurance of tobashi schemes, and the strength of corporate governance in Japan.The facts concerning the apparently irregular payments for acquisitions exposed in an article in the Japanese financial magazine FACTA had come to Woodford's attention and which resulted in very significant asset impairment charges in the company's accounts. Japanese press speculated on a connection to Yakuza (Japanese organised crime syndicates). Olympus defended itself against allegations of impropriety.Despite Olympus' denials, the matter quickly snowballed into a corporate corruption scandal over concealment (called Tobashi) of more than 117.7 billion Yen ($1.5 billion) of investment losses and other dubious fees and other payments dating back to the late 1980s and suspicion of covert payments to criminal organisations. On 26 October, Kikukawa was replaced by Shuichi Takayama as chairman, president, and CEO. On 8 November 2011, the company admitted that the company's accounting practice was "inappropriate" and that money had been used to cover losses on investments dating to the 1990s. The company blamed the inappropriate accounting on former president Tsuyoshi Kikukawa, auditor Hideo Yamada and executive vice-president Hisashi Mori.By 2012 the scandal had developed into one of the biggest and longest-lived loss-concealing financial scandals in the history of corporate Japan; it had wiped 75–80% off the company's stock market valuation, led to the resignation of much of the board, investigations across Japan, the UK and US, the arrest of 11 past or present Japanese directors, senior managers, auditors and bankers of Olympus for alleged criminal activities or cover-up, and raised considerable turmoil and concern over Japan's prevailing corporate governance and transparency and the Japanese financial markets. Woodford received a reported £10 million ($16 m) in damages from Olympus for defamation and wrongful dismissal in 2012; around the same time, Olympus also announced it would shed 2,700 jobs (7% of its workforce) and around 40 percent of its 30 manufacturing plants by 2015 to reduce its cost base.".