toggle

AAPL Stock: 118.44 ( -2.86 )

Printed from http://www.macnn.com

Ex-Olympus CEO Woodford expects more revelations

updated 07:00 am EST, Mon February 6, 2012

Official investigations to dig up more dirt

Ex-Olympus CEO turned whistleblower Michael Woodford expects that official investigations into the massive $1.7 billion financial scandal will yield further damaging revelations, reports Reuters. Although Olympus tooks steps to have a third-party investigate the 13-year investment losses long cover-up, Woodford expects that Japanese, British and US law enforcement agencies will dig up more dirt ahead of an extraordinary shareholding meeting scheduled for April 20. The news comes at a time when Olympus may be set to enter into a new alliance with Panasonic and Samsung.

'Investigations into the scandal are ongoing on three continents and, therefore, we are still not in a position to know the full extent of what took place,' Woodford told Reuters. 'But before April's extraordinary general meeting, I believe it is highly likely there will be further revelations and all interested parties should continue to closely scrutinize events,' he added, but without going into details.

Woodford initiated the scandal following his sensational and unexpected sacking by the former, but now disgraced, chairman of the Olympus board Tsuyoshi Kikukawa. Kikukawa sacked Woodford after he uncovered the cover-up following an unsually high brokerage payment to a company in the Cayman Islands following an acquisition. It then became apparent that at least two other, now former, Olympus execs VP Hisashi Mori and internal auditor Hideo Yamada had been using the overpayments as way of covering up company losses extending back over a decade.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

HP 14-x030nr 14-inch Chromebook

If you're like us, chances are you've come to realize that you need the ability to access the Internet on the go. Also, you've prob ...

15-inch MacBook Pro with Force Touch

Apple's 15-inch Retina MacBook Pro continues to be a popular notebook with professional users and prosumers looking for the ultimate ...

Typo keyboard for iPad

Following numerous legal shenanigans between Typo -- a company founded in part by Ryan Seacrest -- and the clear object of his physica ...

toggle

Most Commented