Saturday May 26, 2012

JAPAN NEWS AND DISCUSSION

Olympus president, 5 other execs to resign in April over cover-up

Crime Jan. 19, 2012 - 11:45AM JST ( 22 )

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22 Comments

7

YubaruJan. 19, 2012 - 07:02AM JST

The insane are running the asylum.
0

bkawamuraJan. 19, 2012 - 07:28AM JST

yubaru you are right ... prob using remaining time to some how save their bxxxtt
6

Nicky WashidaJan. 19, 2012 - 07:28AM JST

“I want to fulfil my responsibility for the benefit of stakeholders

NOW you do??! If you had done this in the first place none of this would have happened.

WH??! arent these men in jail?
1

namabiru4meJan. 19, 2012 - 08:13AM JST

How can these people be trusted to do anything in the interest of the stockholders or the company when they have already brought it to it's knees? They should be sh!t canned with no benefits nor retirement package, and an interim board put in place.

BTW, I wonder what kind of severance the company will give these guys for their many years of dedicated service.
6

wanderlustJan. 19, 2012 - 08:27AM JST

By the beginning of next year, I guess that more than half of them will end us as presidents, chairmen or advisers to the numerous small firms that supply components or other services to Olympus. All will have been forgiven or forgotten. The J-media is certainly playing down their activities.
7

Andrew MatthewsJan. 19, 2012 - 08:27AM JST

Hardly a recommendation for the company. You fire the person who told you of the illegality occurring, and replaced him with one of the people doing it.

If this is the way they treat their shareholders, how do they regard their customers?
5

ElvensilvanJan. 19, 2012 - 09:12AM JST

These geezers should not resign, they should be fired ASAP and be slapped with criminal charges.
2

tmarieJan. 19, 2012 - 09:24AM JST

In April? I guess he wants his paycheck until then. The least he could do is work for free.

And yes, charges need to be filed. Now!

So glad Woodford blew the whistle. I have been enjoying the show - shame more companies aren't stepping up and tossing the old gits to the side and trying to salvage what is left in this country.
0

NetNinjaJan. 19, 2012 - 09:25AM JST

@Elvensilvan Agreed!!!
3

Ben_JackinoffJan. 19, 2012 - 09:39AM JST

They are not bowing nearly deep enough.
3

GWJan. 19, 2012 - 10:31AM JST

This is all so so so incensere, and utterly pathetic.

It really makes you wonder what scale of white collar crime one old school J-geezer needs to be suspected of before he is even investigated by the keystones etc

Yet at the same time grandpas & grandmas are arrested daily at supermarkets all across the country for shoplifting, WTF!
0

globalwatcherJan. 19, 2012 - 11:06AM JST

They need to set a record streight for all Japanese executives. The concequence is very high for wrong doers. No retirement benefits and entitlements are allowed, and the justice will prevail for those global shareholders who lost millions.. Hope all Japanese business executives get a strong message on ethics from this case.
1

tokyokawasakiJan. 19, 2012 - 12:00PM JST

If you are a regular employee and you steal something small like paper or files, you would get fired immediately. Rightly so, for it is unacceptable behaviour.

So why are these crooks not fired and arrested pending a full enquiry? Why are they allowed to stay in thier roles? The amount that they have covered up is staggering.

Why the double standards???
0

sf2kJan. 19, 2012 - 12:04PM JST

Hey no rush. Make sure what's left of the company is a penny stock by then. You can then bow again.
0

smithinjapanJan. 19, 2012 - 12:33PM JST

Despite being sued by his own company, Takayama said Wednesday: “I want to fulfil my responsibility for the benefit of stakeholders until handing the company over to new directors."

Yeah, right. They want to resign at the end of the fiscal year because doing so before then would probably have an effect on the massive severance packages I'm quite sure they'll receive for resigning (rather than being fired).

Nicky: "WHY aren't these men in jail??"

Because this is Japan, and this kind of action is often rewarded. It's no coincidence Japanese corporate governance is under fire. I bet the lawsuits against them won't even bear any fruit.
2

Vernie JefferiesJan. 19, 2012 - 12:38PM JST

Why are they waiting until April to resign....are the bonuses given out in March?
0

anglootakuJan. 19, 2012 - 12:56PM JST

Would like to see a Dogeza performed! please do a Dogeza lol the classic form of an apology ^_^
0

anglootakuJan. 19, 2012 - 12:56PM JST

For those who have not seen what a dogeza looks like : http://www.youtube.com/watch?v=bG6oT5kYI0Y
1

sillygirlJan. 19, 2012 - 02:39PM JST

why wait? oh, much more pilfering left to do.
0

marcelitoJan. 19, 2012 - 04:53PM JST

Agreed. money and the desire to appoint new management that will do as little as possible and publicly acceptable in terms of pursuing the former management are no doubt behind their hangin on.
0

herefornowJan. 19, 2012 - 10:14PM JST

The fact that the Olympus board is allowing these criminals to resign, and not be fired and thrown in jail, is all anyone needs to know about corporate governanace and fiduciary responsibility in Japan. And, trust me, the outside world/investors are taking note.
1

globalwatcherJan. 19, 2012 - 10:45PM JST

The reason of their stay until April is that they want to negotiate severance packages (entitlements and benefits) or golden parachutes before letting themselves go. They want to make sure these packages are not a subject of legal subrogations from law suits. They are still dremin.......and unrealistic.
0

malfupeteJan. 19, 2012 - 11:11PM JST

yeah thats it... bow your heads and all will be forgiven. what a bunch of crooks!!