Saturday May 26, 2012

JAPAN NEWS AND DISCUSSION

Woodford tells entire Olympus board to quit; says he's open to returning

Crime Nov. 25, 2011 - 08:40PM JST ( 42 )

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42 Comments

0

MaboDofuIsSpicyNov. 25, 2011 - 10:57AM JST

With a smile!
5

SamuraiBlueNov. 25, 2011 - 11:22AM JST

Since it is a personal step down and not a compulsory one, they get to accept any and all retirement fee. Strip them all of their rights and throw them behind bars.
9

gaijinTechieNov. 25, 2011 - 11:30AM JST

“The three people have cooperated sincerely on the investigation since the problem came to light and they said they would do so in the future,”

NOW they are sincere? Two decades too late? Just what kind of person accepts that as sincerity?
5

globalwatcherNov. 25, 2011 - 11:56AM JST

Since it is a personal step down and not a compulsory one, they get to accept any and all retirement fee. Strip them all of their rights and throw them behind bars.

It depends on their emloyment contracts. If they are found guilty for criminal charges, the shareholders may have a right to stop their compensations.
11

cactusJackNov. 25, 2011 - 11:58AM JST

Golden parachutes deployed!
0

ubikwitNov. 25, 2011 - 12:50PM JST

the cretins don't want to say anything incriminating to themselves, and maybe their cohorts associated with organized crime...
-1

smithinjapanNov. 25, 2011 - 12:51PM JST

“The company decided to accept their resignations as we have judged there will be no problem in getting their cooperation for the investigation,”

Yeah, right, until you ask them for the truth.

“The three people have cooperated sincerely on the investigation since the problem came to light and they said they would do so in the future,”

They've cooperated sincerely? Then why cut and run before the big board meeting? All they did was agree to show up and drink tea with people who have vested interest in the company, but now that they would have to had talked to board members and possibly investors they running for the hills.
-1

NetNinjaNov. 25, 2011 - 01:29PM JST

Now all the investigators have to do is follow those 3 and they'll lead them to the hollow tree where they hid all the money.

OH HAPPY DAY!!!! If you have to go, go with a SMILE!!!!

These guys remind me of the Trade Federation in Star Wars.
Viceroy Nute Gunray and his croons just resigned before the Jedi come in.
2

spudmanNov. 25, 2011 - 01:31PM JST

Ships meet rats, oops too late they are gone.
0

rickyveeNov. 25, 2011 - 02:11PM JST

next step, prosecute them to the fullest extent of the law, and try to get back as much cash as possible.

oh wait, this is japan....fuggetaboutit!
2

minello7Nov. 25, 2011 - 02:49PM JST

Now these three resigned 24 hours prior to Mr Woodfords scheduled board meeting for today. Coincidence ????
3

papigiulioNov. 25, 2011 - 03:08PM JST

@rickyvee

Not only Japan mate. Take a look at ENRON. Where did all that money go? Did anyone get money back?
0

rickyveeNov. 25, 2011 - 03:33PM JST

@papigiulio

at least those guys went to prison and they had to pay huge penalties. in japan, it'll be a slap on the wrist with no jail time and only a small penalty paid.
2

smithinjapanNov. 25, 2011 - 03:47PM JST

papigiulio: And what happened to the ENRON CEOs? Skilling got 24 years, and others got slightly lesser prison sentences, and didn't one or two even die of heart attacks during trials?

What will these guys get in Japan? A bonus, and promise of a cushy Amakudari job.
1

papigiulioNov. 25, 2011 - 03:52PM JST

@rickyvee + smithinjapan. Was talking about the money not the prisonterm, but granted they got more than the olympus board will ever get.
0

minello7Nov. 25, 2011 - 06:15PM JST

Here is a CNN interview with Mr Woodford I personally found interesting >http://edition.cnn.com/video/?hpt=hp_t1#/video/international/2011/11/08/woodford-olympus-interview.cnn.
1

Charles M BurnsNov. 25, 2011 - 06:23PM JST

Yep, as I said since day 1, follow the money. The board has to go, no question!
2

funkymofoNov. 25, 2011 - 07:00PM JST

Might be a good idea to emigrate to a country with no extradition treaty, too.
1

tmarieNov. 25, 2011 - 07:15PM JST

Charge them, jail them and start on the next company until with get rid of all the ossans that are holding back this country!!!!
-1

some14someNov. 25, 2011 - 07:27PM JST

entire board must go (unpunished?)...then let Olympus also go and Woodford should go back to UK unless New Company is formed and they are willing to hire his services.
1

gogogoNov. 25, 2011 - 07:27PM JST

On Thursday, the firm’s new president, Shuichi Takayama, said the scandal-hit company’s management team was prepared to step down when Olympus was back on the road to recovery.

The old Kan trick.
0

tokyokawasakiNov. 25, 2011 - 08:01PM JST

minello7 thanks for the link. Very interesting.
-6

888naffNov. 25, 2011 - 08:34PM JST

woodfood should quit as well! he's no clean slate.
1

CrazyJoeNov. 25, 2011 - 09:54PM JST

Start from scratch and Olympus will sure make a comeback. To those former and present Japanese board members, "expletive" you!
0

herefornowNov. 25, 2011 - 10:03PM JST

woodfood should quit as well! he's no clean slate.

888naff -- What do you mean?. Woodford should possibly go, because his exposing the problems has made him a devisive figure and might make it impossible fo him to to lead the company effectively -- especially since he is a foreigner. But there is no evidence supporting a claim that he is not "clean". He's he one who brought in the outside auditors in the first place, because he smelled something was wrong.
3

ushosh123Nov. 25, 2011 - 10:24PM JST

Its like robbing the bank, then getting to keep the money so long as you "explain" how you did it...
1

Joseph Garrett BaxterNov. 25, 2011 - 10:30PM JST

Woodford should not quit. Are you crazy? He is the only one cleaning up the mess and responsible for finding out about this problem.
0

RealJapanNov. 25, 2011 - 10:41PM JST

Obivous there are some "misgivings" that took place at the highest levels of Olympus' management team and Woodford exposed it. Japanese people should support Woodford. Seems obvious he is trying to support the company. I am sure any reasonable firm that acts in good faith would like to have him as CEO. Why risk coming back to Olympus? Again, he wants to help Japan and Japan Inc it seems. With the tragedies that have hit Japanese companies this year you would think that Japan, Japanese, and Japan Inc would want to reach out to the international community. Woodford exposed the corruption he should be supported.
-2

anglootakuNov. 25, 2011 - 10:52PM JST

Why would they want to hire someone who is trying to destroy the company, regardless of shady dealings.. think it's time to go back to eating bangers and mash ol chap ^_^
-3

T_rexmaxytimeNov. 26, 2011 - 12:05AM JST

Board should go! Just keep Olympus a Japanese based company. Japan needs to be be Japanese.
-3

888naffNov. 26, 2011 - 12:31AM JST

"Woodford should not quit. Are you crazy? He is the only one cleaning up the mess "

he's not clearing up any mess ...he has his own self interests to boot too

" But there is no evidence supporting a claim that he is not "clean""

You would know and prejudge that so quickly?... there are reports of him being he not the most liked person in divisions of olympus around the world and that evaluation has nothing to do with his current spat with the board.
0

herefornowNov. 26, 2011 - 03:27AM JST

You would know and prejudge that so quickly?...

888 -- LOL. You said he should go because he is "not clean". So who is prejudging??? And, apparently that is strictly based on "reports" of him being not "the most liked person". That means he's not clean? Please, stop clutching at straws and throwing unsubstantiated dirt on him simply because he exposed decades of Japanese management-led fraud. If you go back to when this situation broke, everything he has said has proven to be correct, while the Olympus management has done nothing but lie and attempt to hide the extent of the crimes. As I said, I doubt he is the best guy to run Olympus going forward, since the rank-and-file employees, whom he would need to rally, have been poisoned by the internal PR machine to believe he is the traitor, rather than the board. But don't stoop to creating falsehoods to defend your position.

And anglootaku and T-rex, your posts leave me completely speachless -- "regardless of shady dealings" and "Japan needs to be Japanese". Unbelievable. With that kind of thinking, Japan's slide into mediocrity and irrelevance, which is clearly underway, will only accelerate. Enjoy the ride down while you steadfastly defend fraud and xenophobia.
0

avengerNov. 26, 2011 - 04:00AM JST

The only Japanese product that broke within a year was an olympis camera.
0

globalwatcherNov. 26, 2011 - 05:07AM JST

T_rexmaxytimeNov. 26, 2011 - 12:05AM JST

Board should go! Just keep Olympus a Japanese based company. Japan needs to be be Japanese.

Well, you may want to go back to the 17th century and want to live like a cave man isolating yourself from the modern society. You are living in the 21st century global economy. Japanese corporations need to hire more and more multicultural CEO/CFO to be successful in global economy for survival. This case is a critical test for future Japan.

I have watched the cnn.com (thanks to menello7), and I am confident that Mr. Woodford and the prosecutors will get to the bottom of mess. I am willing to support Mr. Woodford and newly elected board members for going forward.

God bless to Mr. Woodford!
0

Badge213Nov. 26, 2011 - 07:19AM JST

Ask everyone to leave, Mr. Woodford also should step down himself and let the company be taken over by a complete outsider with no ties to Olympus.
0

NetNinjaNov. 26, 2011 - 08:35AM JST

You guys leave Mr. Woodford alone. He's the reason you have anything to talk about in the first place. We've all been getting a good kick out of this at the expense of innocent bystanders working in the lower ranks.

Mr. Woodford is a new type of hero. His success will inspire other to take down these corrupt Japanese companies. We need people like him.
1

GobshiteNov. 26, 2011 - 09:14AM JST

Japan's slide into mediocrity and irrelevance, which is clearly underway, will only accelerate. Enjoy the ride down while you steadfastly defend fraud and xenophobia.

Most accurate description I've read for a while.
0
SamuraiBlueNov. 26, 2011 - 11:32AM JST

I wonder why Japan Today doesn't take up the Kiyotake VS Watanabe/Yomiuri feud? It has the same quality of inner corporate battle as this Olympus debacle.
- ModeratorNov. 26, 2011 - 01:40PM JST
  
  We will have an in-depth feature story on that on Sunday.
0

John BeckerNov. 27, 2011 - 03:53AM JST

Mr. Woodford wants the entire board to quit. I am not the least bit surprised. I've been saying for a while now that it's possible that this has been a power play all along. Is this hypothesis starting to look more believable?
0

gaijinTechieNov. 27, 2011 - 01:56PM JST

@John Becker: Not at all. They're board members - they went along with it or feigned ignorance. Either way, incompetent and unreliable responsibility-dodgers, period. Clearly shareholder interests weren't anywhere on their list of priorities.

Shareholders are not buying Olympus or any other shares just so these layabouts can have drink parties and expensive trips to "fact-finding" bath resorts, or ignore crimes committed by fellow board members. Shareholders bought the shares so that Olympus would develop top of the line products in a responsible company. Frankly, I'm amazed that this needs to be explained at all!
0

globalwatcherNov. 27, 2011 - 02:22PM JST

Frankly, I'm amazed that this needs to be explained at all!

gaijinTechie, you are denying a right of shareholders. Their investments are at risk. They should know. There would be no more cashflow for Olympus if that's the case. Sorry, but I disagree with you on this.