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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 »»»»


Kodak Sells To Shutterfly

Posted: March 5th, 2012 | Author: | Filed under: News From the web | Tags: , , , | Comments Off on Kodak Sells To Shutterfly

KodakKodak has agreed to sell its online photo services to Shutterfly Inc for $23.8 million, kicking off the bankrupt photography pioneer’s relaunch as a much slimmer company although a patent sale seen crucial to its turnaround may still be months away.

The once-iconic company that invented the hand-held camera has said it will quit the camera business and is expected to fetch $1 billion to $2 billion from the sale of about 1,100 digital patents, which is due to get under way by June 30.

Reuters reported that a source familiar with the patent sale said the process was moving forward, but added that the completion was not expected anytime soon. Complicating the prospects is a dispute with computer giant Apple Inc over one of the patents.

At a hearing on March 8, a bankruptcy judge will hear Apple’s motion to move forward with its patent-infringement suit.

Apple has asked the bankruptcy court to lift the automatic stay applied to pending litigation against Kodak when the company filed for Chapter 11 on January 19. Kodak said the deal with Shutterfly followed a “stalking horse” bid – a starting bid or minimally accepted offer that other bidders must surpass in a court-supervised auction – from the web-based personal publishing service :: 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 »»»»


Kodak Has Filed For Bankruptcy

Posted: January 19th, 2012 | Author: | Filed under: Digital Camera News, Technoid Gadget News, UPDATED! | Tags: , , , , | Comments Off on Kodak Has Filed For Bankruptcy

Eastman Kodak To File For Bankruptcy

Eastman Kodak Co, inventors of the hand-held camera, the digital camera and helped bring the world the first pictures back from the Moon, has filed for bankruptcy protection, capping a prolonged plunge for what remains one of America’s best-known companies. The 130-year-old photographic film behemoth, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.

Kodak said it and its US subsidiaries had filed for chapter 11 business reorganisation. Non-US subsidiaries were not covered by the filing, it added. “The board of directors and the entire senior management team unanimously believe this is a necessary step and the right thing to do for the future of Kodak,” chairman and chief executive Antonio M Perez said in a statement. 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