Hope you dont own an olympus camera!
looks like the company is as corrupt as a Catholic minister!
Here is the deal.
The boss, the big man, the president and CEO of Olympus Corp Michael Woodford got fired!
How does the big man at the top get fired you may be wondering!
Well this company is a PLC and it is owned by a group of chairmen.
Woodford was checking the accounts and thought there was something a bit suspicious going on and wrote to the head chairman and said"Em! think some fraud is going on, you know anything about it?"
The next day Woodford is fired from his position, chucked out of his office and kicked out of Japan!
Woodford is now going to get some UK prosecutors to investigate
It seems like, Olympus Corp (since July) bought a british company for 2billion in 2008 and at the end of 2009 and 2010 Olympus paid out 675million dollars to "Advisors" (advisors are the guys who will be helping in the buying of the new company) who's bank accounts were in the Cayman islands (tax haven).
But who the hell are the advisors? and the Olympus accountants can't say where the money has gone or who the advisors are.
Advisors are a normal part of big buisness especially in the buying and takeing over of other companies, the average that advisors would be paid is around 1-2% of the company wealth/worth. However in this case the advisors are getting…. ready for it…. 35%!
Olympus Corp is a massive company and has still not answered its ex presidents question, why are you paying that much and who the hell are they?
This is massive corruption.
And as such it has totally screwed the Stockmarket value of Olympus taking over 50% off the share price!
Olympus Corp biggest work is actually in medical equipment and their camera side of the buisness is actually a corporate fail and costs the company every year. It sounds like if Olympus wants to survive as a corporation it is going to have to do some massive ass kissing to everyone and that now includes its share holders. It will want to start making money again asap, so sounds like it would need to drop parts of the company that dont make a profit.
bye bye cameras!
Shame as the Pen was a cool looking camera.
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