That very much depends on who "they" are, does it not? The summary of the
external report is here:
http://www.olympus-global.com/en/info/2011b/if111206corpe.pdf
It's a turgid read, not helped by some odd-looking translations, but an
eye-opener nonetheless. The nature of the "problem" came as no surprise, but
the complexity of its design, and the length of time it has been in progress
is nothing but shocking. And here is the final section of the report
summary:
VIII Conclusion
The credibility of Olympus has largely failed due to the discovery its long
term fraudulent accounting lead by top management. The extraordinariness of
misconduct and the path to discovery of such has had a large impact on
stakeholders such as shareholders, good ordinary investors, and business
partners. It is deeply regretted that it also had certain impact on the
credibility of all Japanese corporations that are seriously managing the
company.
Olympus had originally been a sound company, with diligent employees and
high technical strength. Not all part of the company was involved in this
misconduct. Olympus should remove its malignant tumor and literally renew
itself.
END
In light of those words, it is no surprise that most of the board will now
go (which I think is the current state of play). And I assume that Mr
Woodford is now working diligently with some major shareholders to lead a
new team - because "they" the shareholders will be appointing the successor
board.
Piers
-----Original Message-----
From: Andrew Fildes [mailto:afildes@xxxxxxxxxxxxx]
Sent: 12 December 2011 23:16
To: Olympus Camera Discussion
Subject: Re: [OM] ( OM) Olympus Corp woes
I'd be surprised. I know he's trying but...being purely speculative - I
think they'd weigh his long employment with Oly and his honesty against the
loyalty concept.
And they'll play safe.
Andrew Fildes
afildes@xxxxxxxxxxxxx
On 13/12/2011, at 3:01 AM, Brian Swale wrote:
> Yesterday there was a major entry in the local newspaper about
> forthcoming developments, and these involved the sacked CEO? from the
> UK taking a leading role in the legal cleanup.
>
> Will post more details later.
>
> Brian Swale.
--
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