Saturday May 26, 2012

JAPAN NEWS AND DISCUSSION

Olympus proxy fight must be avoided, Woodford tells lawmakers

Crime Dec. 14, 2011 - 04:58PM JST ( 20 )

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20 Comments

5

YubaruDec. 14, 2011 - 03:37PM JST

The guy has no interest in seeing Olympus broken up! Good for him, this is company loyalty, true loyalty, to the company and not the idiots that ran it into these problems.

Japanese people should take a hard look at what he is doing and DO THE DAMN SAME THING in their screwed up corporations!
3

Nicky WashidaDec. 14, 2011 - 04:02PM JST

Dont know why you are getting thumbed down Yubaru, totally agree with you.
-2

smithinjapanDec. 14, 2011 - 04:29PM JST

I'm glad Woodward has no interest in seeing Olympus break up as a company -- as it's a decent company -- but it sounds a little here like he's stepping backward somewhat and backing off of what he said he set out to do. I hope he's not doing this to curry favor with the board and get back in -- that wouldn't be a whole lot different than the practices he claimed he's dead against.
1

johnmasterofDec. 14, 2011 - 04:35PM JST

I agree with Yubaru and Nicky, this is a great thing for Japan to see and I hope that the local native MEDIA focuses on it a bit more.
1

tokyokawasakiDec. 14, 2011 - 05:08PM JST

I just hope this whole affair FORCES change with Japan's shady and corrupt corporate governance. Next on the agenda should be the law makers and political parties of Japan.

Well done Mr Woodford, you are the tall poppy who refuses to be blown over. You have caused so much fear throughout the aging grey business circles in Japan. Let's just hope it causes a chain reaction for the better :)
-9

rickyveeDec. 14, 2011 - 05:14PM JST

"i would have no part...in either selling olympus or breaking up olympus."

dear mr. woodford,

once again, thank you very much for exposing the massive accounting fraud of our board of directors. but it would have been nice if you thought about the ramifications of your noble and altruistic deeds. that level of fraud would probably force our company to be investigated by not only the financial watchdogs but also the police and other agencies. this would then practically force us to be delisted from TSE, which in turn would break apart our company to be sold in a million different groups.

you have "helped" our company enough. my children and grandchildren are also indebted to you.

sincerely, the staff at olympus
4

CrickyDec. 14, 2011 - 05:44PM JST

If the truth is soooo bad that it affects your children or grandchildren, than the sooner it's exposed the better.

Yours sincerely A tax payer
4

sillygirlDec. 14, 2011 - 07:59PM JST

cricky - amen
4

YubaruDec. 14, 2011 - 08:14PM JST

Japan CAN NOT afford to keep pulling the wool over the worlds eyes with crap like this. If it continues to do so it is going to become nothing more than an insignificant footnote in the annals of history.And personally I don't want to see that happen, because there is so much good in this country that it often sickens me that corporations like this get away with crap like they do.

It's thanks to Wooford that the sun is shinning in the right places.
1

YubaruDec. 14, 2011 - 08:16PM JST

Nicky, cheers, it's cool with me! Thanks.

I really don't care when people thumb me up or down, at least either way it tells me that they are reading what I wrote. That's good enough for me!

Everyone is entitled to their opinions, whether they are right or not!!! (lol!)
2

hatsoffDec. 14, 2011 - 10:37PM JST

@rickyvee

you have "helped" our company enough. my children and grandchildren are also indebted to you.

You can't hide that level of fraud forever. In which case, the children and grandchildren wouldn't have a company to work for anyway. Does following corporate law mean nothing to you? By the way, Olympus employees received their winter bonuses last Friday. I think you're reading things wrong.
1

herefornowDec. 14, 2011 - 11:46PM JST

It's thanks to Wooford that the sun is shinning in the right places.

Yubaru -- great post and agree with your sentiment 100%. However I'm not sure if it is the sun shining in the right places, or just a spot light shining temporarily. And, after the present furor dies down, if any real and lasting change will occur to corporate governance. IMO, Japan and Japan Inc. don't truly understand the need for change, and even if they do, don't have the stomach for it.
-7

888naffDec. 15, 2011 - 01:40AM JST

Cant trust woodfood either. Better a fresh breath of air if further change required after getting rid of the culprits already.
4

herefornowDec. 15, 2011 - 02:42AM JST

Cant trust woodfood either

888naff -- what? On what basis do you make this remark? He has spoken to three different country's authorities -- Japan, U.S. and U.K.. Willingly. And provided them evidence of the fraud. Plus Olympus's own internal investigation did not find him in any way involved in the cover-up. You just can't stand that a foreigner showed Japan's corporate governance to be the sham that it is, and at one of its most respected firms as well. And that he just didn't go quietly to his meaningless position as a non-executive director like his Japanese bosses expected he would.
-8

nigelboyDec. 15, 2011 - 02:52AM JST

Agreed rickyvee

This Brit could of saved the day by making enough profits to offset the previous losses through amortization but he knew he didn't have the capability to do so let's "expose" and try to be a hero that way.
4

herefornowDec. 15, 2011 - 03:05AM JST

nigelboy and rickyvee -- nonsense. Amoritazation of what? Fancy term for just being willing to become a corporate criminal and go along with continuing over three decades of fraud. Your ability to rationalize that is incredible and, IMO, means you have bought into the whole Japan Inc. mindset -- that the ends justifies the means. Collusion, fraud, monopolization, kick-backs, bid-rigging, etc. are all OK, because they keep jobs, right?
-6

nigelboyDec. 15, 2011 - 03:19AM JST

Amoritazation of what?

The investments (which are losses in this case). It's not a "fancy" term at all if you're involved in business.

Your ability to rationalize that is incredible

Maybe you should ask the shareholders and the employees what they think on the two options I gave.
4

YubaruDec. 15, 2011 - 04:59AM JST

nigelboy, so you would prefer a company to lie and continue to lie to shareholders and the government when THEY make crappy investments and cover it up with money that should have gone to the shareholders?

Smart businessman you are, all the way to jail I would say.
-5

nigelboyDec. 15, 2011 - 05:11AM JST

Yubaru.

If I'm not mistaken, the money or value that the shareholders were receiving prior to this blow up was never intended to go the shareholders from the very beginning. In other words, they were receiving something they should of never had from the beginning.

Hence, I gave the two options that this Brit could of done when he became the top dog.
3

YubaruDec. 15, 2011 - 08:37AM JST

Nigel, either way, what you proposed would only keep the public and shareholders in the dark about Olympus's illegal activities.