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".
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...