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- 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.".
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- Olympus_scandal wikiPageExternalLink letter-text.pdf.
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- Olympus_scandal wikiPageID "33708486".
- Olympus_scandal wikiPageRevisionID "604979790".
- Olympus_scandal align "left".
- Olympus_scandal align "right".
- Olympus_scandal belowstyle "background:#ddf;".
- Olympus_scandal border "1".
- Olympus_scandal caption "Tsuyoshi Kikukawa, then-chairman of Olympus Corp. and former President and CEO, arrives for his last press briefing".
- Olympus_scandal colwidth "25".
- Olympus_scandal data Federal_Bureau_of_Investigation.
- Olympus_scandal data Financial_Services_Agency.
- Olympus_scandal data Securities_and_Exchange_Surveillance_Commission.
- Olympus_scandal data Serious_Fraud_Office_(United_Kingdom).
- Olympus_scandal data Tokyo_Metropolitan_Police_Department.
- Olympus_scandal data Tokyo_Stock_Exchange.
- Olympus_scandal data "Auditors: KPMG, Ernst & Young".
- Olympus_scandal data "ITX , Altis, Humalabo and News Chef , Gyrus Group".
- Olympus_scandal data "Intermediaries: Hajime Sagawa, Akio Nakagawa, Nobumasa Yokoo".
- Olympus_scandal data "Olympus Corporation: Michael C. Woodford, Tsuyoshi Kikukawa, Hisashi Mori, Hideo Yamada;".
- Olympus_scandal data "Tsuyoshi Kikukawa, Hisashi Mori, Hideo Yamada and others".
- Olympus_scandal data "ex-CEO Michael Woodford".
- Olympus_scandal data "¥376 billion yen".
- Olympus_scandal date "2011-10-14".
- Olympus_scandal fontsize "90.0".
- Olympus_scandal hasPhotoCollection Olympus_scandal.
- Olympus_scandal headerstyle "background:#ccf;".
- Olympus_scandal label Whistleblower.
- Olympus_scandal label "Corporate casualties".
- Olympus_scandal label "Key players".
- Olympus_scandal label "Missing assets".
- Olympus_scandal label "Official investigations".
- Olympus_scandal label "Suspicious acquisitions".
- Olympus_scandal labelstyle "background:#ddf;".
- Olympus_scandal name "Infobox/doc".
- Olympus_scandal place "Tokyo, Japan".
- Olympus_scandal quote ""As we have troubled our customers, business partners and shareholders over a series of press reports and a slump in share prices, chairman and president Tsuyoshi Kikukawa today returned his titles, as well as his right to representation ...".
- Olympus_scandal quote ""It has become clear that advisory fees and funds used to buy back preferred shares in the acquisition of Gyrus, as well as funds used in the purchase of three new domestic businesses ... were used, among other things, to dispose of unrealised losses on securities, the reporting of which had been put off"".
- Olympus_scandal quote ""Michael C. Woodford has largely diverted from the rest of the management team in regard to the management direction and method, and it is now causing problems for decision making by the management team.".
- Olympus_scandal quote ""The eventual cost of the Transaction to Olympus is extremely significant and is as a result of a number of actions taken by management which are questionable and which give cause for concern ... We were unable to confirm that there has been improper conduct, however, given the sums of money involved and some of the unusual decisions that have been made it cannot be ruled out at this stage ... In addition, there are a number of other potential offences to consider including false accounting, financial assistance and breaches of directors' duties by the board."".
- Olympus_scandal quote "Hence, judging that realisation of the 2010 Corporate Strategic Plan with its slogan of "Advancing to the Next Stage of Globalisation" would be difficult to achieve by the management team led by Woodford, all the board directors attending today, except for Woodford himself who could not participate in the voting due to special interest, unanimously resolved the dismissal from his office of the representative director"".
- Olympus_scandal quote "Investors have expressed opinions that the management of such listed companies have unfairly damaged their corporate value counter to shareholder interests and have cited underlying problems in the quality of Japanese corporate governance ... They have even expressed fears that such issues are occurring in other listed companies.".
- Olympus_scandal quote "Mr Kikukawa will become a director without executive rights ...Shuichi Takayama, a current director, will replace him as president."".
- Olympus_scandal refs "* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *".
- Olympus_scandal source "Olympus press release: "Olympus Corporation Resolved Dismissal of President Michael C. Woodford"".
- Olympus_scandal source "PriceWaterhouseCoopers report on the 2008 Olympus acquisitions".
- Olympus_scandal source "– Olympus statement about advisory fees, November 2011".
- Olympus_scandal source "– Olympus statement announcing departure of Kikugawa".
- Olympus_scandal source "– Tokyo Stock Exchange statement".
- Olympus_scandal title "Olympus scandal".
- Olympus_scandal width "39.0".
- Olympus_scandal width "50.0".
- Olympus_scandal width "60.0".
- Olympus_scandal subject Category:2010s_economic_history.
- Olympus_scandal subject Category:2011_in_Japan.
- Olympus_scandal subject Category:Accounting_scandals.
- Olympus_scandal subject Category:Olympus_Corporation.
- Olympus_scandal type Abstraction100002137.
- Olympus_scandal type AccountingScandals.
- Olympus_scandal type Act100030358.
- Olympus_scandal type Event100029378.
- Olympus_scandal type Gossip107223170.
- Olympus_scandal type Informing107212190.
- Olympus_scandal type PsychologicalFeature100023100.
- Olympus_scandal type Report107217924.
- Olympus_scandal type Scandal107223811.
- Olympus_scandal type SpeechAct107160883.
- Olympus_scandal type YagoPermanentlyLocatedEntity.
- Olympus_scandal comment "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.".
- Olympus_scandal label "Olympus scandal".
- Olympus_scandal label "オリンパス事件".
- Olympus_scandal sameAs オリンパス事件.
- Olympus_scandal sameAs m.0hnd9rj.
- Olympus_scandal sameAs Q7089272.
- Olympus_scandal sameAs Q7089272.
- Olympus_scandal sameAs Olympus_scandal.
- Olympus_scandal wasDerivedFrom Olympus_scandal?oldid=604979790.
- Olympus_scandal depiction Olympus_head_office_hatagaya_shibuya.JPG.
- Olympus_scandal isPrimaryTopicOf Olympus_scandal.