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JAPAN NEWS AND DISCUSSION

Olympus shares continue slide amid fall-out from British CEO's ouster

Business Oct. 18, 2011 - 03:18PM JST ( 9 )

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9 Comments

2

namabiru4meOct. 18, 2011 - 04:11PM JST

It is going to keep falling as Woodford is reportedly going to the "Serious Fraud Office" in the UK.

NYT story here: http://www.nytimes.com/2011/10/18/business/global/ousted-olympus-chief-accuses-the-company-of-fraud.html

Document to the Japanese chairman that got him fired here: http://graphics8.nytimes.com/packages/pdf/business/20111018/letter-text.pdf

And Video interview here: http://video.ft.com/v/1223228352001/Ex-Olympus-boss-alerts-UK-authorities
0

rararaOct. 18, 2011 - 04:20PM JST

Just a few days after some foreign brokerage houses such as Goldman Sachs announced that the share price of Olympus should rise to around 4,000 yen in the near future. Why did they make such absurd predictions when some influential japanese media such as the monthly Facta was intensifying their criticism of the Kikukawa regime really harshly over the past several months, especially with regard to the ridiculous nature of their purchase of the UK-based Gyrus/others.Too stupid??? Illiterate? Too damn corrupt/dirty ??? I guess many foreigners bought Olympus shares because of these ridiculous predictions by Goldman and others, and are now selling them in panic.
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SwissToniOct. 18, 2011 - 07:32PM JST

Rarara are you saying that the trading in Olympus shares right now is all by foreigners?
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rararaOct. 18, 2011 - 08:51PM JST

SwissToni:

Rarara are you saying that the trading in Olympus shares right now is all by foreigners?

Huh? I have never said or suggested such a thing.
0

SwissToniOct. 18, 2011 - 09:40PM JST

" I guess many foreigners bought Olympus shares because of these ridiculous predictions by Goldman and others, and are now selling them in panic"

Rarara, is this not your statement?
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rararaOct. 18, 2011 - 11:02PM JST

nothing contradictory between my two posts.
-2

herefornowOct. 19, 2011 - 12:36AM JST

Anyone who thinks this is the exception rather than the rule when it comes to Japanese corporate accounting/governance is simply kidding themselves. There are very few companies listed on the Nikkei that could pass muster if subject to a stringent accounting investigation by an outside firm. Which is probably why so few Japanese people invest in stocks. They work for these companies, and they know the truth. But with all the cross-holdings, no one is going to demand strict accounting, since the whole house of cards would fold. "Thick as thieves" is very appropriate to describe the situation.
0

rararaOct. 19, 2011 - 01:15AM JST

herefornow:

Which is probably why so few Japanese people invest in stocks

and only ignorant foreigners invest/trade in japanese stocks ? you should have advised Goldman Sachs about the reality before they announced a few days ago that the share price of Olympus should shoot up to around 4,000 yen in the near future.
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yokomocOct. 19, 2011 - 09:42AM JST

Woodford was clearly unfamiliar with some traditional Japanese business practices, like the mandatory 20% yakuza cut through a series of complex offshore accounts. Lessons learned eh.