crime

Scandal-hit Olympus sets up panel to examine legality of deals

26 Comments

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© 2011 AFP

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26 Comments
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Do they not get that the longer they try and deny this, the worse off their public image? They were caught with their hand in the cookie jar. Admit it, get rid of the guys who ate the cookies and move on.

1 ( +3 / -2 )

No, admit it, pursue prosecutions and move on.

2 ( +4 / -2 )

Well yes, that too!!

-1 ( +1 / -2 )

I can just imagine the forgone conclusion findings and punishment - reprimand and 3 or 6 month 30% salary cut if they find anyone reponsible & lets sweep the whole thing under the carpet ASAP... I want to believe the panel is really independent - but they were selected by Olympus board members? And they will get together later in a week and present findings in a month?... Guess thats how long it will take those involved to erase the evidence as much as possible..

0 ( +2 / -2 )

This committee should have been appointed by the government, or by the majority shareholders, certainly not by Olympus.

0 ( +2 / -2 )

“Japanese society is not that kind of society.”

Says the man who accepts illegal loans and declares he was not paying attention.

-1 ( +3 / -4 )

"Japanese society is not that kind of society."

Is this a joke? These people have been screwing each other over even before the white man set foot in America. Everything is fixed here. Its basically China without the pollution...

0 ( +3 / -3 )

Their own investigation panel.... they are all paid off... they wont find a single thing wrong, or they are actually advising them how to cover the entire thing up.

0 ( +1 / -1 )

This committee should have been appointed by the government,

Olympus is a private sector company and the government would be out of place at this time to appoint anyone to do an investigation until any potential evidence comes to light that laws were broken. Even then it would be up to the NPA to investigate and not the government.

I don't think anyone in their right minds would want the Japanese government appointing any investigative panels into corporations here accused or thought of as having any illegal practices going on. If they did I would guess that every company on the Tokyo stock exchange would be in jeopardy.

Not to mention the conflict of interest problems that would arise with the investigators needing to be investigated before they could investigate.

2 ( +3 / -1 )

What a joke this is...why isn't Japan's FSA investigating this? I hope the Cayman Island money trail can be traced... Chances are the trail will lead right back to Olympus' executives. In Japan there is very little accountability to shareholders.... Foreign funds are going to sell their Japanese holdings and just forget about Japan. Nothing ever changes here... male arrogance and old boy networks abound.

-1 ( +4 / -5 )

everyone calling for Olympus to give answers needs to stop... it's an internal issue and Olympus can handle it themselves. I, personally, believe that there was no wrongdoing and that the panel will find that.

-8 ( +1 / -9 )

@lachatamber can I be your adviser? You dont have to pay me 600 million, only one or two million will do!

1 ( +3 / -2 )

@lachatamber: everyone calling for Olympus to give answers needs to stop... it's an internal issue and Olympus can handle it themselves. I, personally, believe that there was no wrongdoing and that the panel will find that.

Sounds like you could have a glorious career as a lawmaker/politician. Or are you hoping to get paid to be on the panel as well? :)

2 ( +4 / -2 )

people sound jealous that businesswomen like me can make and break these kind of deals while they're living off J-foodstamps and on the verge of being kicked out of their gaijin houses. Olympus did no wrong and they have every right to pay whoever they want whatever they want. they're a private company.

-7 ( +1 / -8 )

lachatamber: Wrong... They are not private company, they are a public company. They are owned by shareholders....

3 ( +4 / -1 )

lachatamber what!!! Jealous of a "business" woman living off foodstamps and on the verge of being homeless. Perhaps a career change might be in order. Yes it is a private company that is listed and has investors who expect a dividend. Sending such a unusually large amount of money to an offshore account Globally known as suspicious, well it does deserve attention. You might make and break such deals, but shareholders want accountable board members they can trust with their investment. and get a return. Not have spare cash disappear.

1 ( +2 / -1 )

What worries me is that it will be a problem if people take the events at this one Japanese company and generalise from that to say Japan is a country that (does not follow) the rules of capitalism, he said in an interview with the Financial Times, adding: Japanese society is not that kind of society.

I love this last part here. They try to make it out like Olympus is the only Japanese company scandal hit. Lets see, there's Toyota, there there are all those price-fixing tire companies, then there's SNOW brand. Oh I can't forget all the companies that like to mislabel meat. Lies lies and more lies from Japanese companies.

Japan is that kind of society. Money is Japan's only aspiration, by any means necessary. You should never buy their products.

-1 ( +2 / -3 )

Quick, somebody hand lachatamber a bigger troll pedestal

0 ( +0 / -0 )

Goodness, it was not just me then. Cheers guys for the heads up.

-1 ( +1 / -2 )

How about someone from the j-satsu. Oh, I forgot. You're not supposed to look too closely at where the money went.

0 ( +0 / -0 )

Well if they find "nothing wrong" we'll know that the former Judge is also a corrupt

0 ( +0 / -0 )

As I read the posts there are no experts coming forward to give a clear guidnce as to the Japanese law on this situation and my contribution will add little, meaning almost nothing. But on the face of it there has been some evidence of transactions of such significant magnitude (and which even the company suggests need to examined) that to say they at least border on not being genuinely incurred expenditure. As to whether it is the FSA or it's branch being the Japanese SESC responsible to look at this it not clear. There are however many necessities in an investigation including without limitation, access to documents, calling of witnesses, orders to prevent disposal of evidence, requiring evidence under oath etc etc. Any evidence collected will be worthless in a subsequent civil or criminal proceeding. The committee appointed to investigate has no legal powers which might be accepted by a court, not even to require officers and excutives to ( even! ) talk. It has already been shown that the minutes of meetings, and of course only those which were created and still exist, and money movements just emphasise the problem and that is all the committee will see. What is the object of the committee - to confirm the transactions as being "reasonable" or to open up the company and executives to claims of "abuse". Just can't imagine the second. Best of luck.

0 ( +0 / -0 )

Their own investigation panel.... they are all paid off... they wont find a single thing wrong, or they are actually advising them how to cover the entire thing up.

They wont find nothing wrong. That will be too obvious. They will find some minor misdemeanours, almost certainly committed by someone no longer in the company, they will bow and apologise profusely and perhaps take a slight pay cut for a few months for not keeping their eye entirely on the ball, and then job done move on. They will think that this will be enough to placate the FBI. Remains to be seen whether that is the case.

people sound jealous that businesswomen like me can make and break these kind of deals while they're living off J-foodstamps and on the verge of being kicked out of their gaijin houses

Wow. You sound like a nice person. Newsflash honey: many people on here DO make or break these kinds of deals and dont live in gaijin houses. You are in the wrong place if you want to blow around your superiority complex here.

2 ( +2 / -0 )

thieves investigating thieves - that is going to go well - NOT

0 ( +0 / -0 )

Just throw them a bundle of cash and Olympus' s troubles will be over.

0 ( +0 / -0 )

If Olympus were to, say, half the price of the PEN E-P3, I would be prepared to forgive them for this episode.

1 ( +1 / -0 )

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