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Former Olympus Executives Plead Guilty

Posted: September 26th, 2012 | Author: | Filed under: UPDATED! | Tags: , , , , , , , | Comments Off on Former Olympus Executives Plead Guilty

Olympus Executives Arrested Over Cover-up

UPDATE! 26 September 2012: Japanese camera maker Olympus and three of its former executives have pleaded guilty to charges relating to a $1.7 billion accounting cover-up. The scandal was exposed last October by chief executive Michael Woodford, who was sacked by the Olympus board after querying past acquisitions by the company and the payment of vastly inflated consultancy fees.

It was later revealed that they were part of an elaborate scheme to conceal losses dating back to the mid 1990s.

Olympus initially denied any wrongdoing, but the company later changed its position and sacked the executives it said were involved. Revelations of the huge accounting fraud revived calls for more outside scrutiny of its boardrooms but have failed to trigger sweeping corporate governance reforms.

“The full responsibility lies with me and I feel deeply sorry for causing trouble to our business partners, shareholders and the wider public,” ex-chairman Tsuyoshi Kikukawa told the Tokyo district court at the start of the trial. “I take full responsibility for what happened.”

Prosecutors charged Kikukawa, former executive vice-president Hisashi Mori and former auditor Hideo Yamada with inflating the company’s net worth in financial statements for five fiscal years to March 2011 :: Read the full article »»»»


Apples Low Returns

Posted: February 17th, 2012 | Author: | Filed under: Apple, Standout, Technoid Computer News | Tags: , , , , , , , , | Comments Off on Apples Low Returns

Apples Low ReturnsApple has once again rewarded it’s shareholders amply,  its share price surged to new highs – above $US500 – last week. There is, though, one part of the iPhone behemoths’s business that isn’t exactly humming along.

Apple’s management of it’s pile of cash, now exceeding $US100 billion, has historically been extremely unimaginative. Investors are bombarded with offers from banks, offering yields of as much as 1 percent – as high as 1.5% for 2 years fixed –  Apple may be settling for less for its cash stash.

Apple’s war chest has grown steadily since 2005, when it had just $9 billion in reserves.

As as the end of 2010, Apple’s $60 billion stockpile gave it more cash than any other non-financial company in the U.S. Amusingly-  mid 2011 – Appleinsider reported that Apples the $76 Billion in cash outweighed the U.S. governments $US73 billion in total operating cash.

Comparisons with fellow hoarders in the tech-world – Google and Microsoft  – indicate that in this area at least, the most valuable publicly traded American company is probably under-performing :: Read the full article »»»»


UPDATED! Olypmus Executives Arrested Over Cover-up

Posted: February 17th, 2012 | Author: | Filed under: Digital Camera News, UPDATED! | Tags: , , , , , , , | Comments Off on UPDATED! Olypmus Executives Arrested Over Cover-up

Olympus Executives Arrested Over Cover-upUPDATE! 26 September 2012: Japanese camera maker Olympus and three of its former executives have pleaded guilty to charges relating to a $1.7 billion accounting cover-up. The scandal was exposed last October by chief executive Michael Woodford, who was sacked by the Olympus board after querying past acquisitions by the company and the payment of vastly inflated consultancy fees.

The former president of Japanese camera-maker Olympus Hisashi Mori, has been arrested over a nearly $2 billion cover-up at the company. Six others have also been taken into custody over one of Japan’s biggest corporate scandals. Japanese prosecutors allege that the seven suspects used shady accounting to hide $1.7 billion in investment losses. The scandal was exposed by the company’s former chief executive Michael Woodford, who was fired when he confronted the board about the cover-up.

Japanese prosecutors arrested the firm’s former president Tsuyoshi Kikukawa on suspicion of violating laws banning falsification of financial statements.

The company’s former vice president Hisashi Mori was arrested, along with former auditor Hideo Yamada. Also taken into custody were a former brokerage firm executive and three former employees of a major securities company who are alleged to have advised Olympus management about how to cover up the massive losses :: Read the full article »»»»


Olympus: Michael Woodford’s Goodwill Hunting

Posted: December 14th, 2011 | Author: | Filed under: Technoid Computer News, Technoid Gadget News | Tags: , , , , , , | Comments Off on Olympus: Michael Woodford’s Goodwill Hunting

Olympus Corporation JapanDisgraced Japanese company Olympus must file a quarterly financial report tonight or risk being delisted from the Tokyo Stock Exchange. The camera maker today filed corrected earnings reports for the past five financial years, but has yet to file the July-September 2011 results that are required. Last month, the 92-year-old company admitted to hiding billions of dollars in losses on securities investments over the past decade. The scandal first came to light when former chief executive Michael Woodford was fired earlier this year after blowing the whistle on the dodgy accounting. Woodford, who returned to Tokyo yesterday to campaign to get his job back, is urging current Olympus board members to step down. M★C  READ MORE