Olympus balance sheet hole of £420m
Thursday 15 December 2011
The disgraced Japanese camera maker Olympus has revealed a $655m (£420m) hole in its balance sheet after admitting to a 13-year fraud at the company.
Meanwhile, its ousted chief executive, Michael Woodford, met members of the ruling Democratic Party of Japan in Tokyo yesterday to discuss ways to tighten up corporate governance. Mr Woodford, who was fired two months ago and blew the whistle on questionable acquisition deals at the centre of its accounting problems, is campaigning to be reinstated.
He said: "The shareholding balance is such that there is a realistic chance we could win a proxy fight."
But he added that such a battle would cause a split between foreign and Japanese shareholders.
Some big foreign shareholders back Mr Woodford's bid, but Japanese institutional investors are worried about whether he can win over the company's employees.
Olympus has filed five years' worth of corrected statements, plus its overdue first-half results, narrowly avoiding a delisting. There was a first-half net loss of ¥32.33bn (£266m) to the end of September 2011. The hole in the accounts is to the end of March.
Kirstie Allsopp has waded into the female fertility debate again
Gillian Anderson lays into gender disparity in Hollywood
The Sistine Chapel is set to be illuminated with thousands of LEDs
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 35,000 walrus gather on north-west Alaska beach 'for a rest'
- 5 Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Jennifer Lawrence nude photos leak: More celebrities allegedly targeted as third wave of hacked images released
Cheryl Cole named 'the most dangerous celebrity' on the internet
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...