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Olympus promises to go after execs involved in covering up losses

By Yuri Kageyama

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I wish they would say 'Prosecute' instead of 'go after'...

4 ( +3 / -0 )

"Olympus says it will investigate any involvement of its executives after an independent panel found an elaborate scheme to cover up massive investment losses."

'Olympus promises', 'TEPCO promises', it's no wonder why it's so hard to trust companies these days, and why Japan is getting such a bad image in terms of governance and transparency. Enough of this 'internal investigation' crap after third parties go in and spill the truth -- let in independent observers and investigators if you're truly serious. It's simply impossible to believe Olympus will do anything but set up a couple of scapegoats to take the fall for many.

"He bowed deeply in apology at a Tokyo hotel."

It's not enough.

-1 ( +1 / -2 )

Sorry but how does the current pres claim such things? He must have had some sort of a clue if he was right up there with Kikukawa and Woodward. I want jail time for all involved. That is the only way Olympus is going to calm fears.

0 ( +0 / -0 )

Will they also promise to go after the yakuza who are also behind this mess at Olympus??

0 ( +1 / -1 )

They should check their expenses as well. Oh, that must scream corruption!

0 ( +0 / -0 )

The management system had become too much about one man.

Mr Takayama, you said it right!

0 ( +0 / -0 )

So everyone else but Takayama-san was "rotten to the core"?

1 ( +1 / -0 )

The Olympus brand is mud now - sorry to say. Just let it go and sell off the assets in a fire sale to Chinese companies.

0 ( +1 / -1 )

Olympus Corp vowed Wednesday to go after erring executives involved in an elaborate scheme to hide $1.5 billion of investment losses.

Sorry it will not work. Olympus going after their own former executives to do more coverups?? Joke? LOL.

Then what is a role of Japanese Justice Dept? I guess there is no justice in Japan.

2 ( +2 / -0 )

Total BS, they all knew about the debt, they are blaming everyone as not to blame the board of directors. How could 70 people be in on something like this?

0 ( +0 / -0 )

“The management was rotten to the core and contaminated what was around it, creating in the worst sense a group mentality of the typical salarymen,” the report said in a reference to Japan’s culture of corporate loyalty.

The most succinct description of the cancer that has contaminated Japan Inc. and will ultimately lead to the country's continued decline unless addressed head-on. Rationalizationing that the "ends", like full-employment/stability, justify the means, has screwed up all sense of right and wrong in corporate Japan. And in a global financial world, where Japanese companies must compete for capital, real corporate governance and a strong sense of fiduciary responsibility is a prerequisite.

0 ( +0 / -0 )

I bow to Mr Takayama Shuichi. The whole affair was so wrong on the hands of so many executives. World corruption data shows 80% of the people lives in corrupted countries. Those governament and private sector offcials never bow. That is the difference.

Mr Takayama does this not for himself, but for his family name (sons, cousins, father, granpas, grand grand grandpas) and also for the sake of a great company like Olympus that went abused. I´m an Olympus fan and hate those rotten guys, but Mr takayama is not one of them , as I see it. His apologize make us stronger and confident.

Life is for one generation. A good name stays forever.

-1 ( +0 / -1 )

Those governament and private sector offcials never bow. That is the difference.

gauloa -- huh? How does bowing make one bit of a difference? Has it changed anything? No, it hasn't, as you yourself admit by lumping Japan in with other "corrupted countries". In fact, one could argue that bowing and saying "gomenasai" is meaningless and is done simply to quiet any public outrage, so that nothing -- no meaningful changes at least -- will be made.

0 ( +0 / -0 )

this is just a farcical show of contrition by a bunch of corrupt spineless corporate cretins.

there is nothing to do but wait until the results of the real investigations by law enforcement and securities industry authorities.

only then will the involvement of organized crime be brought to light, and culpable executives be prosecuted.

0 ( +0 / -0 )

Hmm. I'm confused. If a clerk at a store gave his buddies 'five fingered' discounts and then didn't ring up other purchases by customers to cover his loses, is that not a criminal act? If the company found out about this, would they not just fire him outright (being kind) or just have him arrested?

How is this NOT a criminal case? Why are the prosecutors NOT going after Olympus? I don't get it. Is it because no one is complaining? It sounds like a LOT of people are upset.

0 ( +0 / -0 )

Why did horimon get punished so swiftly while these old farts so far have not been charged. He got out of jail then rearrested on similar charge

0 ( +0 / -0 )

Apologies are pretty as rainbows - and pretty much as useless. Only a loser forgives AND forgets.

0 ( +0 / -0 )

Please if it did that then it would have to go after corporate corruption and that is something that Capitalist do not want to happen.

If folks started going after corruption then no one on the right would make any money.

-2 ( +0 / -2 )

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