Strategic Intelligence for CFOs, Finance Directors, Controllers and Treasurers in Asia |
2012, May 23
2012, May 23 Olympus Corp.'s former Chairman Tsuyoshi Kikukawa and other individuals have been sued by the company for an accounting fraud that involved $1.5 billion in investment losses for more than a decade.
A person familiar with the matter told the Wall Street Journal that the Japanese company filed the lawsuits Sunday in Tokyo to seek damages from the individuals. Former Executive Vice President Hisashi Mori and former company auditor Hideo Yamada were also sued.
The camera maker is striving to revamp its management, shore up its finances and regain investor trust after admitting in November that it had concealed $1.5 billion in investment losses for more than a decade.
The suits were filed two days after Michael Woodford, the ousted president and chief executive who helped expose the accounting scandal, gave up his fight to be reinstated and bring in a new slate of board directors and senior management to Olympus. “None of the major Japanese institutional shareholders have offered one word of support to me,” he explained.
MORE ARTICLES ON OLYMPUS SCANDAL
CFO innovation Asia Accounting and Regulation the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Accounting Regulation, IFRS, US GAAP, Tax, investor relations, corporate governance, Corporate Law, Financial Regulators, Internal Audit, Audit, Corporate Law. |
CFO innovation Asia, Finance and Banking the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Corporate Finance, trade finance, treasury and risk management, capital expenditure, Banking, mergers and acquisitions |
CFO innovation Asia the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Finance Management, Corporate Governance, Human Resource Management, Compensation and Benefits, Mergers and Acquisitions, Professional Development, Corporate Real Estate, Risk Management, Budgeting and Forecasting, Business Process Management, Business Process Reengineering, Outsourcing. |
CFO innovation Asia Technology the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Finance Systems, Business Intelligence, EPR, Accounting software, CRM, Cloud Computing, Telecommunications, Business Process Outsourcing, Business Process Management Software. |
1 comments
Print
Digg
Sometimes I just can't believe that this stuff is happening nowadays too..I am sad to read about this and I just hope that the authorities will be involved more than are right now in this kind of businesses. It is not okay to happen this.
Oferte Aer