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Former Olympus Execs, Bankers Arrested
Posted By photoxels On February 17, 2012 @ 5:50 pm In Articles | No Comments
Ex-president Tsuyoshi Kikukawa, former executive vice president Hisashi Mori, former auditor Hideo Yamada and 4 bankers involved in the over $1.7 billion accounting fraud have been arrested by Japanese police. Hopefully, this scandal is laid to rest as Olympus now focuses on who will run the company when its management steps down at an April 20 shareholders meeting. On Monday, it forecast a $410 million full-year loss due largely to its ailing camera operations, but its core endoscope business appeared unscathed by the scandal. Interestingly, two of the hottest digital camera companies, Sony and Fujifilm, have both expressed interests in becoming strategic partners with Olympus in its endoscope business. As far as Olympus cameras are concerned, firm representatives have adopted a “business as usual” strategy.
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