Saturday May 26, 2012

JAPAN NEWS AND DISCUSSION

Ex-Olympus chief Kikukawa transferred ownership of 2 condos to 'relative'

Crime Dec. 15, 2011 - 11:40AM JST ( 17 )

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17 Comments

1

some14someDec. 15, 2011 - 07:10AM JST

so authorities failed to seal his assets in time and were just making big headlines about investigations(?)
-1

globalwatcherDec. 15, 2011 - 07:45AM JST

Kikukawa transferred ownership of two condominiums to an apparent relativelast month,

Transferred last month? Kikukawa again in bad faith.

He tried, but probably it will not work. If the transacton was completed BEFORE Oct 14th 2011, then these properties may be EXCLUDED from liability. In many states here in US, the court would be allowed to go back to Oct 14th nullfying the transactions. Then, all privately owned properties will become assets for subrogation purpose.
2

vctokyoDec. 15, 2011 - 07:47AM JST

how did this kikukawa guy think he could getaway with everything...gees, I hope they get him for everything...this guy is so filthy
0

NetNinjaDec. 15, 2011 - 08:30AM JST

This kind of move is very popular in Japanese divorce cases as well.

Unfortunately I work with some raccoon types. You don't trust them with anything. I won't even tell that guy what I ate for lunch.
0

gaijinTechieDec. 15, 2011 - 08:53AM JST

And thus began the hiding of assets "that were not used for personal gain". Would he have had two condos to give away had he not deceived shareholders decades ago? Doubtful.

Crime does indeed pay. This one is so not going to "take one for the company".
2

tmarieDec. 15, 2011 - 09:07AM JST

Perhaps Olympus wouldn't have the money issues if they had management that wasn't robbing the company blind?

Kikukawa needs to be in jail - with Ozawa. If they know he gave this property to family to protect it, could it not legally be taken back? If I steal a TV and sell it hot, it can easily be confiscated by the police as proof. Why not the same in this case?

I do love that this is just demonstrating what we all know happens in Japanese companies - who was it that tried to claim Japan has honest and transparent business practice a few weeks ago? Ha! This is just the tip of the iceberg and I hope others are watching this and trying to straighten up. I doubt though. The old men and the greed in this country is pathetic.
0

ScroteDec. 15, 2011 - 10:26AM JST

How does that work? If Kikukawa gave the properties away the relative should have to pay gift tax. If he sold them he must still have the money.
0

gogogoDec. 15, 2011 - 10:59AM JST

So did they get the documents out in time? Did they get delisted?
0

cactusJackDec. 15, 2011 - 11:04AM JST

It's the "hide your assets as fast as you can" game.
2

tokyokawasakiDec. 15, 2011 - 11:12AM JST

His actions are nothing more than a stealth admission of guilt. I hope he and all his fellow corrupt dinosaurs lose everything. Selfish and vile old men. It is people like him that is giving Japan a bad image.
0

lachatamberDec. 15, 2011 - 11:32AM JST

problem? I've transferred my condos to relatives before, nothing illegal there.
0

kaminarioyajiDec. 15, 2011 - 11:41AM JST

That information undermines any claim he may make along the lines of "What I did was in the company's best interest, and I acted in good faith"
-2

soldaveDec. 15, 2011 - 11:42AM JST

An apparent relative? Well I suppose certain mafia groups call their members a "family" so maybe that's what it's talking about.
0

herefornowDec. 15, 2011 - 11:53AM JST

It has been revealed that our company had announced false financial statements by delaying reporting losses from stocks and other investments,” it said in a statement

"delaying"? How about "hiding" -- for over three decades? And they had no intention of ever coming clean, until Woodford blew the whistle. Delaying my arse. When the company can at least have the guts to say in a straight forward manner what happened, then I might have some faith that they learned something from this. Until then, they are just playing the semantic games Japanese folks are well-known for. And Kikuwawa transferring these assets, which were almost certainly paid for with salary he earned by being a crook, is disgusting and, again, shows his arrogance and disdain for the wel--being of the company and its share holders.
0

CosDec. 15, 2011 - 12:38PM JST

An apparent relative?

Could be a lover, or the lover's kids that could very well be his own too. That's not a rare situation. Many crooks don't make their family relations official for that purpose. The money transferred to strangers, presented as payment for businesses services looks normal in accounts, while even one yen to a known relative of a board member would appear as suspect. That said, it's only in case the accountants, auditors, CPAs, and even other board members and institutional shareholders (that are all pro accountants and all know all the tricks) don't want to see what is happening. If they are serious, they check every person/company receiving a check over a certain amount, or many small checks.
0

gaijinTechieDec. 15, 2011 - 01:02PM JST

Wow, @Cos! That kind of shines new light to the meaning of "organized crime". I guess we don't have to look for tattooed individuals who are unable to play piano, now do we?
0

globalwatcherDec. 16, 2011 - 05:48AM JST

Kikukawa is a "PUS" and a scum of society as well as Ozawa. These people are tanking Japan, folks. Hope the justice will prevail. These scums have to be tried to the fullest under the law, and Japan needs to start sending them to jail. Do not suck it up.