The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Olympus Corp. (TYO:7733) may have hidden as much as $5 billion in losses through activities that may link them to organized crime, new police memos suggest.
Japanese officials are probing the company for evidence that it paid criminal syndicates large sums of money to help it hide heavy losses, according to a document obtained by the New York Times.
It took a month for shareholders of Olympus Corp. (TYO:7733) to file a lawsuit over a bookkeeping scandal that’s put the endoscope maker’s share price in the cellar.
Olympus has admitted to a decades-long scheme to conceal losses using fictitious payments to dummy merger & acquisition consultants. The scandal has cost a series of high-level executives their jobs and pared 6 3.5 percent from Olympus shares since the scandal broke Oct. 14, after the firing of then-CEO ( and current whistleblower) Michael Woodford.
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Shares of Olympus Corp. (TYO:7733) regained more than 17 percent over the weekend after the Tokyo stock exchange indicated it might not de-list the world’s largest endoscope maker, brought low by a scheme to hide its losses with buyouts.
Shares of Olympus Corp. (TYO:7733) regained more than 17 percent over the weekend after the Tokyo stock exchange indicated it might not de-list the world’s largest endoscope maker, brought low by a scheme to hide its losses with buyouts.
Olympus shares clawed back 17.4 percent of their value over the weekend, rising from Friday’s close of ¥460 (about $5.97) to ¥540 ($7.01). That’s still 73.6 percent off of the ¥2,045 ($26.55) mark as of Oct. 14, when newly fired CEO Michael Woodford exposed the first crack in the cover-up.
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Olympus Corp. (TYO:7733) admitted to channeling money through investment funds to hide losses in the wake of a growing scandal sparked by former CEO Michael Woodford.
The Tokyo-based technology giant revealed that nearly $1.5 billion in possibly illegal payments were used to conceal heavy losses on investments over the last two decades.
MASSDEVICE ON CALL — Olympus Corp. (TYO:7733) launched a probe into the acquisition fee scandal that has seen its stock plunge by more than half.
Olympus Corp.’s $2.2 billion acquisition of Gyrus Group in 2008 raised eyebrows after the technology giant’s recently sacked CEO Michael Woodford revealed that the company paid $687 million to financial advisors mediating the deal.
MASSDEVICE ON CALL — Olympus Corp.’s (TYO:7733) new president & chairman Tsuyoshi Kikukawa quit amid the ongoing scandal over financial advisor fees, which has cut the company’s market value in half in less than two weeks.
Kikukawa took over the corner office on October 14 after Michael Woodford, who had been on the job for about two weeks, questioned the $687 million paid to two financial advisors during a $2.2 billion acquisition of Gyrus Group in 2008.
The FBI is probing the $687 million fee Olympus Corp. (TYO:7733) paid an acquisitions advisor for its $2.2 billion buyout of Gyrus Group in 2008 and has interviewed former CEO Michael Woodford, a 30-year Olympus veteran who was sacked weeks after taking the top spot.
Woodford, who commissioned an external investigation of the record-breaking payment, told Reuters today that he’s spoken with FBI agents.
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