Saturday May 26, 2012

JAPAN NEWS AND DISCUSSION

Gov't steps up pressure on Olympus, promising a 'rigorous investigation'

Crime Nov. 11, 2011 - 06:50PM JST ( 27 )

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27 Comments

0

some14someNov. 11, 2011 - 12:25PM JST

neither the scandal is unique nor the comment from FSA. move on...and look for next business scandal.
-3

paulinusaNov. 11, 2011 - 12:27PM JST

Highly regrettable. embarrassing and indicative of how business as usual much change in Japan.
0

gaijinTechieNov. 11, 2011 - 12:32PM JST

“It is troubling to see investors, both domestic and abroad, question the fairness and transparency of the Japanese markets,” said Jimi.

I see. Another regret that corruption was uncovered? Not a hint of regret about doing it in the first place?
-1

Al StewartNov. 11, 2011 - 12:34PM JST

i wanna see the movie!! is anyone gonna make it? This story is pretty freakin deep.
-1

CrickyNov. 11, 2011 - 12:51PM JST

Was regrettable ....now Highly Regrettable. No excuses for all involved a 20 odd year scam busted by a Gaiigin now that is Enormasly Regrettable. Now this minister has to actually do something, appear to do something. What a regrettable position to be in.
-1

GWNov. 11, 2011 - 12:55PM JST

Ah they reget getting caught exposed, the word regret is often used in weird ways, kinda like Japan always regets WWII but they can never come out & saw just what they really regret if in fact anything at all..........................
-5

smithinjapanNov. 11, 2011 - 12:57PM JST

Another 'regrettable' incident, as though no one had any fault and it's just disappointment. I would have said 'criminal on the part of those involved'.

If this were the US, those responsible would be imprisoned. If it were China they would have been executed already. But this is Japan -- they'll get HUGE compensation packages for 'retiring' before starting their high-pay amakudari jobs while Olympus staff lose all their money in stocks and probably their jobs. This nation not only refuses to change their businesses ways, but actually CONGRATULATE corruption while firing those who don't tow the line.
-2

smithinjapanNov. 11, 2011 - 12:58PM JST

Sorry, TOE the line -- darn auto-correct!
0

TatankaNov. 11, 2011 - 01:01PM JST

We'll never see a gaijin promoted to an upper management position at any Japanese company ever again...
-1

theeastisredNov. 11, 2011 - 01:14PM JST

Perfectly useful and valid comments from Mr Jimi. Perhaps he should get more 'hade' with them and get really aggressive if the whole truth doesn't come out soon.
-3

tokyokawasakiNov. 11, 2011 - 01:20PM JST

I hope the whole Japanese stock market tanks. Then and only then we might witness an extremely rare event - change.

Until then, I am one of the millions of foreigners who will never invest (trust) in Japanese businesses, until they learn what maximizing shareholder value means.
0

tmarieNov. 11, 2011 - 01:24PM JST

Can translators come up with something better than 'regrettable"?? It always seems everything is "regretable" in this country when people get caught with their hand in the cookie jar. Just say "This was wrong, we are charging them" and move on. Just once I would love for a report of 'We tried to steal from the company, we got caught, we're sorry and we should be punished".
-2

CrazyJoeNov. 11, 2011 - 01:53PM JST

I hope Olympus ends up like Kanebo back in 2005. (Kanebo was delisted from the Japanese stock exchange.)
0

issa1Nov. 11, 2011 - 01:57PM JST

This is more like that tv program the jerry springer show.
1

YubaruNov. 11, 2011 - 04:14PM JST

Highly regrettable....20 years or so after the fact!

Is it just me or is everyone getting more than just a little sick and tired of always hearing apologies and not seeing enough corrective action?
-2

AyeshaNov. 11, 2011 - 04:28PM JST

Investors will know where to put their capital, and it's not in companies listed on the Tokyo exchange. Meanwhile, everyone at Olympus will be blaming Woodford for destroying the company...
-1

NessieNov. 11, 2011 - 04:53PM JST

Olympus on Tuesday revealed that it had covered up investment losses from the 1990s and then tried to conceal them with acquisitions made between 2006 and 2008. The deals had come under scrutiny due to the size of fees involved.

No, they came under scrutiny because an honest new president bothered to look at the books instead of looking the other way.
-1

smithinjapanNov. 11, 2011 - 07:04PM JST

You see? That's what it takes to get the government moving -- a company giving it a bad name and possibly affecting dealings with Japan in general. I notice they still said they would only step in 'if needed', meaning they'll end up doing nothing more than issue hollow threats while the company promises an 'internal investigation' and preps up the lackey who's to take the fall.

Nothing will change from this, mark my words -- if needed.
0

lostrune2Nov. 11, 2011 - 07:50PM JST

Enron. Dig deeper.
-1

ushosh123Nov. 11, 2011 - 10:23PM JST

Tokyo on Friday stepped up the pressure, as the country’s financial services minister said his Financial Services Agency, a government watchdog, would carry out a “rigorous investigation” if criminal activity is suspected.

Shozaburo Jimi said the agency would “move quickly, in close cooperation with relevant bodies including the Tokyo Stock Exchange, to urge the company to take steps to accurately grasp the truth and make timely disclosure

So what has come to light isn't sufficient to suspect any criminal activity? So if no investigation is carried out, how is the criminal activity supposed to come to light?

Urge the company to make timely disclosure? so are they asking the company to investigate itself, as if one isn't needed after this improper accounting practice spaning 10 years? So their investigation is asking olympus to investigate itself?
-1

herefornowNov. 11, 2011 - 10:57PM JST

Shozaburo Jimi said the agency would “move quickly, in close cooperation with relevant bodies including the Tokyo Stock Exchange, to urge the company to take steps to accurately grasp the truth and make timely disclosure.”

Wow, those are some strong words -- "move quickly", "urge the company", "quickly grasp", "make timely disclosure". Wake-up guys, the horse has left the barn and the whole world has now seen Japan's oversight/corporate governance to be a complete farse. And all the meaningless words is not going to change that. Unless Japan passes its version of Oxley-Sarbanes, which we all know it never will, the country will only become even less attractive for foreign investment.
-2

PT24881Nov. 12, 2011 - 01:10AM JST

Loyal customer myself since decades of Olympus cameras, while the cameras are of excellent designs & quality, started to be annoyed by the people behind the good products-- very disappointing corporate governance !
-3

issa1Nov. 12, 2011 - 03:02AM JST

Mr. Woodford gave a interview to a tv channel and said -""I am ready to return"" Are you for real ??? Sincerely think that guy feels the owner Of olympus.
-3

issa1Nov. 12, 2011 - 03:20AM JST

This clearly shows the difference of thought Between a gaijin and nihonjin. Let this be a lesson to the neo liberal japanese.
1

herefornowNov. 12, 2011 - 08:22AM JST

This clearly shows the difference of thought Between a gaijin and nihonjin.

issa1 -- and what exactly is that difference? That nihonjin assume corporate graft is no big deal? That a billion or so in losses not reported is to be expected? Not sure of the point you are making.
-1

smithinjapanNov. 12, 2011 - 09:17AM JST

issa1: "Mr. Woodford gave a interview to a tv channel and said -""I am ready to return"" Are you for real ??? Sincerely think that guy feels the owner Of olympus."

Mr. Woodford is the only one thusfar to disclose the truth without being caught red-handed, and was fired as a result and then Kikukawa tried to cover it up. If that's the difference between a 'gaijin and a nihonjin', it's pretty clear which is honest and which is not. Fortunately for you and I it's not that simple -- although as a whole Japanese corporate structure is corrupt and WAY behind the times.
0

PT24881Nov. 12, 2011 - 02:21PM JST

Mr. Woodford, think it over twice before declaring you are ready to return, the mentality of some of the enterprises in Japan remains obviously in the Edo age when the samurais are supposed to execute only as per the old mindset of loyalty ( right or wrong does not really matter unfortunately ). Better off taking your chance elsewhere back home as You are now having the etiquette of a certain " Mr. Clean" -- A quality not always identified as good horse in Japan I am afraid . Wishing one could be more optimistic about the future of these corporate conglomerates..