crime

Woodford to sue Olympus, citing lack of investor support to get his job back

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There is some astounding ignorance being demonstrated by certain posters on this site. Woodford brought the diabolical situation inside Olympus to a wider public after having been frustrated in his repeated attempts to get any sense out of the rest of the management at the time. Not surprising, given that they were the individuals directly responsible for the criminal activities being carried out in the company's name. It is indeed a truly tragic situation that the main Japanese institutional shareholders were not willing to support something so obviously in their interests, but that is the reality of it. Maybe they feel the remaining board are sufficiently untainted, and have more directly relevant experience, to dig the company out of the whole. But, he was not proposing to do it on his own, of course. Olympus is nothing like Kodak - it is a world leader in a specialised high-tech medical field (endoscopes), while its cameras are a loss-making legacy business. There is therefore some hope for the company, in the right hands. The destruction of shareholder value is entirely the fault of Kikukawa and his crooked colleagues and it is nothing short of ludicrous to pretend that Woodford was responsible for this.

9 ( +10 / -1 )

Well at least you tried Mr Woodford. Thank you very much for your efforts.

8 ( +14 / -6 )

“The major reason for the continuing uncertainty is that despite my having done the right thing, none of the major Japanese institutional shareholders have offered one word of support to me and conversely have in effect allowed the tainted and contaminated board to continue in office,”

Yep,, that pretty much says it all...TIJ...one big happy corrupt family ...stories like this about the ways of Jpanese business and government have gradually eroded most of the respect I had for Japan as country of morals when I was younger ...oh how naive I was.;-)

8 ( +13 / -5 )

Blood is obviously thicker than honesty and integrity. This is a shameful day for Japan's business world.

7 ( +9 / -2 )

j4p4nFTW's comments always make me think of:

http://en.wikipedia.org/wiki/Poe%27s_law

5 ( +7 / -2 )

It is strange to think that Woodford caused shares to fall. This is simply not true. They fell when Kikukawa and others failed in their duties and responsibilities. The shares have always been low, the board just lied to and deceived those who wanted to support them by telling their shares were more valuable than they actually were.

5 ( +7 / -2 )

If the corporations are listed in public, they have a fiduciary duty to disclose all financial statements under the law.

Olympus did so. It just wasn't a problem until suddenly someone made a molehill into a mountain.

Not sure what size the moles are where you come from, but US$687 million paid to a middle-man as a fee – a sum equal to 31 percent of the purchase price, and which ranks as the highest ever M&A fee, sounds like quite a big molehill from where I'm sitting.

5 ( +7 / -2 )

Predictable situation. The old boy network still still holds power in Japan. He learned the same lesson as Horiemon.

4 ( +4 / -0 )

Institutionalised corruption wins again.

4 ( +5 / -1 )

"Japan must stay unique and strong" - translation = corrupted and unscrutinable ....a view shared by those riding the gravy train...

4 ( +9 / -5 )

Olympus did so. It just wasn't a problem until suddenly someone made a molehill into a mountain.

j4p4nFTW -- thanks for my daily laugh. You really do refuse to acknowledge any problem on the board's part here. Yup, Olympus did release results -- fraudulent ones -- for over two decades. And, respectfully, that is not a "molehill" since investors placed trust in those statements and gave the corrupt board the capital it needed to operate. Also, they paid dividends illegally for many years, since they were unprofitable in reality. But, Japan Inc. will always think like you do -- it is only wrong if you are caught -- so circling the wagons and not wanting to address the problem was entirely expected. In fact, many posters, including myself, predicted that as the outcome when the story first broke. Corporate boards in Japan are like roaches -- they could not stand the harsh light that true governance would bring --so it is better just to hide. Rather than open Japan up, this incident will set Japan back for many years.

4 ( +6 / -2 )

Yup. He crossed the line and all the old pals are sticking together and have beaten him. Another example of 'There is the right way, then there is the Japanese way"

3 ( +6 / -3 )

Woodford did a good job in disclosing the situation. However restructuring the Group as well as dealing with the many issues now facing the company and it's ( genuine ) investors is not within the reported experience of Woodford. As much as the investors have appreciated the uncovering they now want a "heavy" ( legal and financial orientated executive ) to clean up. For this purpose Woodford is too close and too biased ( understandably ); I said this at the beginning of this reporting.

3 ( +3 / -0 )

Whistleblower Michael Woodford

Should be Reader Michael Woodford

http://online.wsj.com/article/SB10001424052970203658804576634792112130906.html

At Olympus, Mr. Woodford said he grew concerned about the acquisitions after reading two articles in a Japanese financial magazine that raised questions about the transactions.

Some want to believe in their " white knight in shining armor" as the whistleblower but it was a Japanese magazine that did it.

3 ( +5 / -2 )

From early on, I kept raising the possibility that, more than anything else, this was a power play by Mr. Woodford. His actions seem to confirm this.

3 ( +3 / -0 )

@kazetsukai, very well observed post I appreciate that.

After all, I am very surprised to learn Japan is still filled with corruptions. Like Yaburu stated, the ol good boys club is still in power and runs country. No wonder all leaders (Jgov and business leaders) have been advocating "Wa", "Unity" and "Kizuna" over Japanese. If the thing does not work, then they start advocating "Gambare", "Gambaro" to boost up their moral and spirit. I used to have high regards to Japanese culture, well now I am not sure. They all sound like "propaganda" to me. I was too naive and they fooled me a big time. What a country, and I am glad I do not live there.

3 ( +3 / -0 )

@washida

you know, if i lived in a country that i thought was corrupt to the core, then i would move myself and my family somewhere else. but yet you have no desire to do so, ergo you must hate yourself for subjecting your child and husband to this horrific country.

rickyveeJan. 08, 2012 - 12:30AM JST

This is a global website. Respect opinions (right or wrong) from others.

Be objective and open your mind for a constructive criticism from others who share bicultural backgrounds. They do not hate Japan and Japanese people. They want you to do better and truly care about you. Instead of telling them to go home, listen carefully what they have to say, and YOU need to change Japan to be a better place to live. That's your social responsibilty as a citizen.

3 ( +3 / -0 )

Should have stuck it out and not quit the board.

2 ( +3 / -1 )

Many times the persons starting or supporting a revolution will not see any benefit. This is what history tells us.

2 ( +2 / -0 )

Was he really the best one to bring back Olympus? Note that investors lost a lot of money when the share price went free fall.

That was mainly on the back of Kikukawa's lying and attempted cover-up; that's not on Woodford.

none of the major Japanese institutional shareholders have offered one word of support to me and conversely have in effect allowed the tainted and contaminated board to continue in office

So maybe not all the investors felt Woodford was the right man to take Olympus forward, but you would have thought some of them would back him, and that a few more vociferously demand the resignation of the dirty board. Alas, no. Therefore, as Woodford suggests, those investors have tacitly given the corrupt board a mandate to continue.

Well done J-inc, you've done yourselves proud.

I wonder how this would have played out had Woodford been a native...

2 ( +4 / -2 )

I'll never understand why the Olympus board, knowing how much they had to hide, agreed to hire Woodford in the first place. What did they expect from him? Surely they must have known he would uncover the skeletons in their closet. You'd think they would have picked their execs from within the cozy corporate culture.

2 ( +2 / -0 )

“The major reason for the continuing uncertainty is that despite my having done the right thing, none of the major Japanese institutional shareholders have offered one word of support to me and conversely have in effect allowed the tainted and contaminated board to continue in office,” he said.

Because the same investors are doing the same thing, all of Japan Inc, are doing the same thing.

2 ( +2 / -0 )

I think saying it's time to say sayanora to Japan is an overreaction, as there are still many firms worth your time.

I have a paper company to sell you.

2 ( +2 / -0 )

Woodford is a hero.

Even after all those years Olympus never made enough profit

to get themselves out of the hole they'd got themselves into

with their bad investments over a decade ago.

2 ( +4 / -2 )

You can expect some outdated thinker and uncreative dinosaur to take the helm, and before you know it will all be back to normal.

1 ( +3 / -2 )

To tokyokawasaki - why do you suppose this? The company is not ( or ought not ) be under the control of the past executives but rather the major shareholders who have real money to lose ( or in this case recover ). I doubt they are fools and have already shown their consideration of the situation by not appointing Woodford ( who has been obviously strongly endeavouring to have himself appointed to the top job - perhaps understandably). This is not the time for sentiment and we should wait and see who does get the job; I shall be most surprised if it goes to someone other than a real "heavy".

1 ( +2 / -1 )

@ huberts2: To tokyokawasaki - why do you suppose this?

Because this is Japan (T.I.J)... Where nothing creative (in business or politics) ever happens.

1 ( +5 / -4 )

MaboDofuIsSpicy

Good idea, next time you go to the hospital, tell them that you refuse to use any products that use Olympus lenses... oh wait... that is nearly all of them (70%+).

1 ( +3 / -2 )

Soldave, I fear you're probably right.

1 ( +3 / -2 )

A very sad (though maybe not surprising) day for those of us who were clinging to the hope that maybe, just maybe, this could be the thing that hauls Japan Inc into the global playing field.

Sadly it was not to be. As others have said, the fusty corrupt suits have closed ranks (almost certainly whilst looking over their shoulders to protect their own dodgy deals) and so the game continues. And it will continue until this country really is run into the ground.

A new thoroughly "respectable", thoroughly Japanese board will be appointed, and things will continue as they always have. I share the frustration many feel, both foreign and Japanese, at only being able to sit by helplessly and watch this. This country could be fantastic, truly fantastic. But these old ojiisan are running it to ruin.

1 ( +7 / -6 )

He blinked --but that was probably a foregone conclusion. If nothing else, at least it brought this issue to light and furthermore could have an impact on accounting practices in general in Japan. That's not such a bad outcome from this at all.

1 ( +1 / -0 )

It was not confidential. It was hidden from the share holders for many many years.

1 ( +1 / -0 )

j4p4nFTW - "Unique" has another meaning in English, and often Japan embodies that definition... As for strong, yeah, that must be why the Japanese run and do everything in their power to resist change; if you really were strong, you'd be able to deal with change, and use it to your advantage. And btw, isn't Japan still under the umbrella of US protection?

1 ( +2 / -1 )

Fact is, he broke the law by going public with confidential corporate documents and secrets.

How could you be so wrong, j4p4nFTW? I just cannot believe what you have posted above.

If the corporations are listed in public, they have a fiduciary duty to disclose all financial statements under the law. That's the heart of matter. Japanese prosecutors are now investigating a possible criminal charge against Kikukawa.

Well, this is a sad day for all Japanese who believe in justice. Japan is sending a wrong message to global investors. Kodak has just went into bankraptcy yesterday, and I understand Olympus is already having a cash flow problem. This is a beginning of more turmoils ahead of Olympus.

1 ( +3 / -2 )

I have a medical technologist friend and he said recently that it's well know Olympus is a dodgy company. Their repair fees are according to him, exorbitantly high. And whilst the product is good, not necessarily any better than other makers. That's what he's said at least.

1 ( +1 / -0 )

The fact remains that the executives and board members in charge of Olympus committed crimes in concealing losses and altering accounts and the authorities are still investigating these crimes.

It remains to be seen whether these investigations result in any charges.

Superficially, these accounting crimes would seem to be far more serious than those committed by Horie Takafumi and others in the Livedoor Scandals of a few years ago. Horie is still behind bars.

If the authorities treat Olympus' executives' crimes more leniently than Livedoors', then it will be further proof that Japan's financial and political community favors "old money" over even native Japanese "new money".

If so, Woodford, for all his courage, never stood a chance.

1 ( +1 / -0 )

Sadly, not shocked. Nicky, well said. the oyajis continue to ruin this country. Certainly a huge indication that plenty of foreign investors won't be investing in Japan!

I hope he gets millions for this. Will they pay if the lawsuit is based in the UK? Could be interesting.

1 ( +3 / -2 )

For as long as he worked for the company I am rather surprised that he thought anything different about the "other" institutional investors. This tell's me something about the guy that I wasn't aware of before, he is not really all that familiar with the way things work in Japan after all.

I had hoped that he had more backing, but it seems the good ol' boy network is working to form.

1 ( +1 / -0 )

so you are saying that because of poor coporate governance, japan isn't a fantastic country? that seems like a poor definition of what constitutes a "fantastic" country. and improving corporate gonvernance will only make the rich richer. it does nothing for the average hideki one-cup ozeki.

yes, thats exactly what I am saying. Its a nice place in many ways but "fantastic" - no, sorry. It is corrupt to the core, and until that changes I cannot give it the label of "fantastic". And improvng corporate governance, making it more transparent, preventing whistleblowers from being penalised, allowing promotion based on merit and not who you know, providing REAL data for people to make investment decisions on, etc etc - yes, I think that will do plenty to help your average Hideki Ozeki. plenty more than is happening right now anyway.

1 ( +3 / -2 )

Good for him. They lied to him about why he removed from his position. He should get it back. Doesnt surprise me about no Japanese support. Its their way to get back at the foreigner. Cold society unfortunately.

1 ( +2 / -1 )

"If the corporations are listed in public, they have a fiduciary duty to disclose all financial statements under the law."

j4p4nFTW said:

Olympus did so. It just wasn't a problem until suddenly someone made a molehill into a mountain. The shareholders were happy with what they had, now 60% or so of their value is gone!

And in another post you said you were a COMPANY OWNER. Your comment clearly suggests you don't hold honesty in high esteem, nor the following of corporate law.

1 ( +1 / -0 )

I don't understand all the fuss people have for him as being the new CEO on this forum.

He has done his job as revealing what happened. I still wonder if he would have done so if he hadn't been fired.

Was he really the best one to bring back Olympus? Note that investors lost a lot of money when the share price went free fall.

0 ( +2 / -2 )

Well if I had $$$ in large J-companies I wud be seriously unloading those as there are clearly many more olympuses waiting to be discovered, Japan Inc & the govt have circled the wagons & will defend the indefensible to the death now.

Also if I were a gaijin working at a large J-company I wud seriously think about finding work elsewhere, as of NOW J-companies will be extremely reluctant to promote gaijin within their ranks

0 ( +3 / -3 )

All us gaijin should boycott their products.

0 ( +6 / -6 )

Well, Mr. Woodford, what would you have expected?

I have no doubt that in the Japanese investors' mind is: "Why should I support this guy get back to Olympus? He already cost us lots of money! If he finds more wrongdoings, we're definitely going to lose a lot more!"

0 ( +2 / -2 )

kaminarioyaji - If he'd have been a native I would expect him to have been happy with false accounting and corruption as long as his back pocket was being lined nicely.

0 ( +4 / -4 )

I'll never understand why the Olympus board, knowing how much they had to hide, agreed to hire Woodford in the first place. What did they expect from him?

He did not uncover anything and wouldn't have. What the OP said about Kodak is the reason. The photo camera industry is in hot waters. And Olympus photo has lost money for a while, they fail out of the race, and as they are not doing phones nor computers, that's hopeless. So the Chinese are waiting to buy the "Olympus Camera " brand and sales network, to use to sell their own cheaply made products. They already supply parts to Olympus, and they could do everything... so the Japanese camera production and RD would be thrashed. That was Woodford 's mission to slash those Japanese job, and centralize the anger on himself , evil foreigner... then he could have gone back to gaikoku and be forgotten (unless a Japanese CEO).

0 ( +1 / -1 )

Sue for unfair dismissal is OK I think - he tried to do things internally, then got fired, then blew the whistle.

As for being disappointed in major share holders not backing him, that is different. The share holders prime concern is not justice, but share price, and there is no guarantee that his skillset would be strong enough to run a company this size. Reading very broadly between the lines, the old Japanese management probably hired him into the CEO role as they thought their secret was safe as he wouldn't be sharp enough to pick it up. They misjudged him on that, but his record on TV appearences hasn't been earth shattering, and there are many good top exec's out there who could really turn the company around (assuming the existing management will eventually go!).

0 ( +0 / -0 )

The question is... WHERE will he sue them? Will he sue their British branch? or will he try to take them on in Japan?

0 ( +3 / -3 )

Woodford brought the diabolical situation inside Olympus to a wider public after having been frustrated in his repeated attempts to get any sense out of the rest of the management at the time.

His attempts started after the scandal was revealed, and in his last 3 months of his 30 year stint (with no attempt).

0 ( +2 / -2 )

The shareholders were happy with what they had, now 60% or so of their value is gone!

4p4nFTWJan. 06, 2012 - 04:57PM JST

Based on the misled financial information, the shareholders thought they were paying a fair share for the common stock of Olympus. When the shareholders were told the truth, the Olympus lost the TRUT. It had nothing to do with Mr. Woodford. Good laugh, thanks.

0 ( +0 / -0 )

The undermining question here is "why" he is not getting the support?

Simple. A) he a gaijin b) he doesn't belong to the oyaji club. Next question??

0 ( +2 / -2 )

was removed

0 ( +0 / -0 )

you know, if i lived in a country that i thought was corrupt to the core, then i would move myself and my family somewhere else. but yet you have no desire to do so, ergo you must hate yourself for subjecting your child and husband to this horrific country.

Ever thought that she stays because of her husband and family? Ever thought that she would be out the door in a minute if the family situation allowed it? I used to say "If you don't like it, leave" but now that I am married, it isn't that simple. It was when I was single - though enjoyed living here then. When you are married, more so to a Japanese man, it isn't that easy. Perhaps the best solution for everyone would be to stop having such a corrupt government?? Would certainly help the country more than just the foreigners who are sick and tired of the crap leaving and taking our tax money with us.

0 ( +1 / -1 )

Do you wear a leisure suit Fred?

0 ( +0 / -0 )

Wow! The story changed from this morning but the comments were transferred. Weird!

Anyways, sounds like Mr. W is running short on money and now will sue. I was in a store the other day looking for a particular electronics product and saw the Big O. No thanks! I think many Japanese feel the same way. Only pain ahead for O.

-1 ( +0 / -1 )

Thanks to this dude, many stock holders lost money lol.

-1 ( +3 / -4 )

Now, I like that this guy had the courage to blow the whistle and make this kind of typical Japanese corporate governance into an international (and domestic, though it would not have become so without the world looking in) media frenzy, and that it led to some amakudari sackings and hopefully WILL lead to more see-through policies and less backdoor deals, but I would have had more respect for him suing the company to begin with and not just because he couldn't get his old job back through lack of support (long sentence, sorry). They DESERVE to be sued, but not just because he didn't get what he wanted.

-1 ( +3 / -4 )

@seesaw actually whats funny is the whole rest of the world is laughing at Japan. if I was a foreign investor looking at investing in Japanese compnaies id think twice with all the corrupt BS that being going on in the last 15 years. in the long term it will only do more damage to an already tattered image of Japan. Like ive said many times to young Japanese get your degree learn to speak english fluently, so when the boat finally goes down you can exscape to a country that has a brighter future.

-1 ( +2 / -3 )

Mr Woodford unfortunatley you have to understand that Japanese will say one thing but mean the completely opposite. basically nobodys got the balls to speak there mind. LOL

-1 ( +2 / -3 )

globalwatcher- Thank you very much for posting that. Well said. If I lived back in my home country, thered be things that would rattle me and I would have my say about them. Same here in Japan. Some people like to throw the termJapan basheraround too freely with the wholego back home` mantra just because someone dares, rightly or wrongly, to make any kind of negative comment about Japan.

A lot of us have roots here. Business, family, friends. We pay tax. We work.We contribute towards this country. We too have vested interests here. Unfortunately, some of the fat cats are heavily invested in themselves rather than Japan and its nation.

@tmarie- Totally understand and can identify.

-1 ( +1 / -2 )

Well said Sam - heaven forbid you see a fault and point it out! I love certain things about this country and will voice that but voice something negative and watch how quickly someone accuses me of hating the place and Japan bashing. Pretty pathetic. If more people criticized what went on here perhaps things would get better. Oh wait, I don't have a voice in terms of a vote...

-1 ( +1 / -2 )

He has done his job as revealing what happened. I still wonder if he would have done so if he hadn't been fired.

No, no. Reread previous articles. He has not revealed anything. Another person, unrelated to him, did the whistle blowing . He has not been fired either, he has resigned. And no need to "wonder" as during the 10+ years that was not CEO but already the highest manager of half of the group, he has shut it up. He is not the one prosecuting the guys that lined their pockets. Zero added value.

I have no doubt that in the Japanese investors' mind is: "Why should I support this guy get back to Olympus? He already cost us lots of money! If he finds more wrongdoings, we're definitely going to lose a lot more!"

Exactly. What he did is amplifying the scandal in media. So instead of losing 2 or 3 %, the stocks have lost 60% in 4 months.

It was not confidential. It was hidden from the share holders for many many years.

It was not even hidden. You can check the published accounts of corporations but that requires a minimum knowledge of book-keeping (not much) and spending some time on it. Share holders didn't try to know. Like Tepco shareholders that woke up on 3/11 and said "Why didn't they tell us ?". So their losses this time : jugyo ryo. That will teach them for next time.

-2 ( +1 / -3 )

This country could be fantastic

so you are saying that because of poor coporate governance, japan isn't a fantastic country? that seems like a poor definition of what constitutes a "fantastic" country. and improving corporate gonvernance will only make the rich richer. it does nothing for the average hideki one-cup ozeki.

-2 ( +2 / -4 )

They fell when Kikukawa and others failed in their duties and responsibilities. The shares have always been low,

No. They lost very little when the articles revealed the scam and investigation started. They dropped 20% a day excatly the 3 times Woodford make his media buzz. Stock exchange is not over justice and morality. They go down when investors worry. By his declarations, Woodford gave the impression Olympus had huge losses. Another time, his insisting in getting a quick reaction pushed Olympus into the immediate risk of being de-listed. Later he gave the impression he was the Troyan of some aggressive take over of Olympus. In the 3 cases, stocks went down due to this worry. That Kikugawa gets arrested for his deeds, and the company gets fined for book-keeping irregularities does not move the financial world at all.

US$687 million paid to a middle-man as a fee

That's bad to pay a middle-man. That's not a huge loss of money at the Olympus Group scale (US$2.5 billion).

-2 ( +1 / -3 )

There are several issues here.

The primary one is the law suit. Is it justified, first of all?

The secondary issue is... does he deserve to get the job back? Is he really qualified? Is he qualified because he exposed some possible yet undetermined criminal activity? Or is he really capable of running the company?"

The undermining question here is "why" he is not getting the support?

I suggest you do not bring in your "prejudices" and "assumptions" about Japanese corporate businesses when evaluating the situation. You and I DO NOT "know" or "have" all the facts of the case to make any "judgments".

Here in Japan as in the USA, everyone likes to "blame" some person/s for all "negative" results without waiting for all pertinent facts regarding the situation, circumstances and environment within which some actions were taken or not taken. The key is to find the best "solution" to what ever problem they have at "this time" .

In corporate as well as in government, there is "risk" taken by all investors (voters). That "risk" is not reduced by those running the companies or government but by the "stockholders" and "voting public" who also keeps vigilance and make sure the "right" leaders are in power. So the stockholders holding back their decision in this situation and case is probably the most prudent one.

-2 ( +1 / -3 )

This is what i had suggested few weeks ago that he should say Sayonara not only to Olympus but to Japan as well. What did i get in return? dozens of " thumbs down."

-3 ( +3 / -6 )

Ah woodfood its difficult to admit when you are NOT wanted. Another press conference in English for lazy AP anyone?

-3 ( +1 / -4 )

LOL. Mr Woodford, wrong move!! Now the whole J World is laughing at you!

-3 ( +0 / -3 )

Hysterics won't get you anywhere, in Japan, Mr Woodford.

-4 ( +2 / -6 )

This guy sounds passive agressive. Why involve his wife?

-6 ( +4 / -10 )

and i find it hilarious that woodford, who profusely professed that he wanted to help olympus in the long term, is now suing olympus for an undisclosed amount. yeah, that's REALLY gonna help the company. go away, mr. woodford, your 15-minutes of fame are up.

-8 ( +2 / -10 )

aaah! it was always all about his money and losing his big fat salary. it was never ever about doing the right thing, and sacrificing himself for the good of olympus. when there's so much money involved, don't ever expect altruism. these hyper-hypocritical people will always cloak their selfish aims as "i do this not for me, but for a higher cause". simply disgusting!

-8 ( +1 / -9 )

some14some,

I think it's important to consider a wide view when thinking about such issues. While it may be true that it could be possible that not every single Japanese firm is perfect, there is still certainly value to be found and unlocked at many firms. Trouble has crept into all economies. Sometimes it is self inflicted, other times it seems connected to current economic conditions. I think saying it's time to say sayanora to Japan is an overreaction, as there are still many firms worth your time.

-11 ( +0 / -11 )

This guy is trying to drag his wife into the situation to make it sound as if they are some kind of victims. Fact is, he broke the law by going public with confidential corporate documents and secrets. The shareholders are obviously content with the current board and see no problem in the way business is conducted. Japan must stay unique and strong!

-15 ( +4 / -19 )

If the corporations are listed in public, they have a fiduciary duty to disclose all financial statements under the law.

Olympus did so. It just wasn't a problem until suddenly someone made a molehill into a mountain. The shareholders were happy with what they had, now 60% or so of their value is gone!

-15 ( +0 / -15 )

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