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| Olympus Scandal |
Three executives from Olympus
have plead guilty to fraudulently boosting the company’s true value
from 2007 to 2008 by concealing losses in their financial statements.
The executives–namely former chairman Tsuyoshi Kikukawa, former
auditor Hideo Yamada, and former vice president Hisashi Mori–were
charged with fraud, which was revealed last year by Olympus’ ex-CEO
Michael Woodford. The company’s board of directors fired Woodford for
blowing the whistle, but reportedly received a large settlement in the
process.
Since then, the company revealed that they actually have been cooking
the books as far back as the 1990s to conceal investment losses. They
also confessed in 2011 that Olympus had a billion dollars less in value
than previously stated. This has forced Olympus to look for a partner
to raise capital.
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