Olympus scandal deepens despite new board
The scandal-torn Japanese camera giant Olympus ran into a torrent of criticism from Western shareholders last night, as it named a new board far from independent of the tainted old guard.
Michael Woodford, the former Olympus chief executive who blew the whistle on the company's £947m accounting scandal, described the moves as "a facade", while investors warned the fiasco would further jeopardise foreign investment in Japan.
The entire Olympus board had said it would step down after executives were arrested and an independent inquiry described management as "rotten to the core".
Despite that, Olympus yesterday proposed an existing manager, Hiroyuki Sasa, would run the company day-to-day as president. Meanwhile, the proposed chairman, Yasuyuki Kimoto, was formerly at its biggest lender, Sumitomo Mitsui Financial Group.
Mr Woodford said of Mr Kimoto: "He is completely conflicted. We're just back to the bad old days."
Investor F&C Investments said the appointments fell "disappointingly short of what it and foreign shareholders had been demanding".
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
'Sinful': Video of British Muslims dancing to Pharrell Williams's hit Happy comes under attack
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 1 'Natural' energy drink banned for containing erectile dysfunction drug
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Dylan Tombides: West Ham confirm 20-year-old striker has died after battle with cancer
- 4 Loch Ness Monster found on Apple Maps?
- 5 Angus Steakhouse: How does tourist staple continue to thrive in today's gourmet market?
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...