Olympus scandal deepens despite new board
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Tuesday 28 February 2012
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 Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
- 2 Moscow voted the world's unfriendliest city
- 3 The excuses your boss is most likely to believe when you call in sick
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...