Long Awaited Panel Report Says Olympus Management Is 'Rotten to the Core'

by CFO Innovation Asia Staff, 07 December 2011

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The senior management of Olympus Corp. was "rotten to the core" and corrupted other executives, finds an independent report of a panel probing the Japanese camera maker, reports Bloomberg.

According to Bloomberg, the panel found no evidence that money was funneled to criminal gangs. The panel also says that the conspiracy was limited to a small group and wasn’t systemic, stopping short of calling for a wholesale change in the company's leadership.

Quoting the Tokyo Stock Exchange, Bloomberg says the company is at risk of being listed following the release of the report even if it makes a Dec. 14 deadline to announce earnings.

The scandal broke in October after Olympus fired its chief executive, Michael C. Woodford, who said he was dismissed after questioning $1.4 billion in takeover costs.

MORE ARTICLES ON THE OLYMPUS SCANDAL

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‘Rotten’ Olympus at Risk of Delisting After Report

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