18 Facts About Olympus scandal

Olympus scandal was a case of accounting fraud exposed in Japan in 2011 at optical equipment manufacturer Olympus.

Olympus scandal had been company president for six months, and two weeks prior had been promoted to chief executive officer, when he exposed "one of the biggest and longest-running loss-hiding arrangements in Japanese corporate history", according to The Wall Street Journal.

Olympus scandal blamed the inappropriate accounting on former president Tsuyoshi Kikukawa, auditor Hideo Yamada and executive vice-president Hisashi Mori.

Olympus scandal invested in financial derivatives and other risky investments to boost profits.

Olympus scandal denied that the acquisitions were unrelated to the core business.

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Olympus scandal said Kikugawa, Mori, and Yamada were not responsible for the initial investments, but had covered up the losses "with the company's best interests at heart".

Accounts of Olympus scandal were audited in the 1990s by the Japanese affiliate of then 'big five' accounting firm Arthur Andersen until the latter collapsed in 2002, when KPMG Azsa became its auditor.

Former director Koji Miyata started a web site, called Olympus scandal Grassroots, demanding clean-up at the company they say they love.

Olympus scandal convened an extraordinary shareholders' meeting for 20 April 2012 to vote on its proposal for the new board and to approve the restated accounts.

Olympus scandal controversially sought to promote its executive officer, Hiroyuki Sasa, to president; its candidate for chairman was Yasuyuki Kimoto, a former senior executive of Sumitomo Mitsui Banking Corp.

Olympus scandal had not stolen; he had only tried to clean up a mess without damaging the reputation of generations of Olympus executives.

Olympus scandal, and the response of Japanese officialdom, is less about a single sad incident as it is a view about the malleability of rules, and the subjectivity of their enforcement.

Olympus scandal consults on corporate governance worldwide, speaks on human rights, whistleblower laws, and road safety, and states he had given several millions of pounds to charities.

In 2012, Olympus scandal announced it would shed 2,700 jobs and around 40 per cent of its 30 manufacturing plants by 2015 to reduce its cost base.

Corporate culture exposed by the Olympus scandal is seen as the inspiration for the record-breaking drama Hanzawa Naoki.

In June 2010, three months after receiving its final fees from Olympus scandal, it was struck off by local company registry for non-payment of licence fees.

In 2003, Olympus scandal made a piecemeal acquisition of an information technology group, ITX.

Bloomberg notes that executives Olympus scandal had delayed accounting for the true cost of the 'success fees' of Gyrus until March 2011, by which time Axam Investments had been struck off by the Cayman Islands registrar for nine months.