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Olympus to face fine, stay on stock market

updated 02:05 am EST, Sat January 21, 2012

Olympus barely avoids stock disaster post-scandal

Olympus on Friday narrowly avoided additional threats of possible delisting from the Tokyo Stock Exchange. Officials at the trading house said they would let Olympus stay after the $1.7 billion concealment scandal but would make it pay a relatively mild fine of 10 million yen, or about $129,800. The light penalty was based on the belief that just a handful of staffers had been responsible for hiding Olympus' losses and that the core of the company was safe.

The camera designer wasn't entirely cleared, as it would stay on a "security on alert" list and have to report improvements in governance to the TSE over the next three years.

Olympus accepted that there was a "strong need" to improve its internal workings.

It remains in trouble with both Japanese police and FBI investigators that could press criminal charges. Olympus itself is suing auditors for $13 million in damages, while former CEO Michael Woodford is suing for wrongful dismissal after since-resigned members of the board had him fired to cover up their actions. [via The New York Times]




by MacNN Staff

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