Quoted: on arrests in Olympus accounting scandal

“After going to hell and back, this is a day to remember.”

Former Olympus CEO Michael Woodford, after the arrests of seven men, including the Japanese camera maker’s former chairman, for their alleged roles in the company’s huge accounting scandal. Woodford, who was fired in October after questioning improper payouts related to acquisitions by Olympus, criticized Japanese companies’ “incestuous club” last month after deciding to give up his fight to get his job back and returning to Britain. (See Quoted: Ex-Olympus CEO blasts Japanese business practices.) After Woodford blew the whistle, an investigation found that Olympus had covered up investment losses worth $1.5 billion for more than a decade, raising questions about corporate governance in Japan. The company is reportedly suing 19 executives over the scandal.

 
 

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  • sd

    As an Olympus user over the decades, it’s been sad to see this happen to a company that has contributed several substantial advances to cameras but never seemed to be able to become a big player. One wonders how much these shenanigans had to do with that.

 
 
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