Saturday May 26, 2012

JAPAN NEWS AND DISCUSSION

Olympus shareholders file Y220 mil damages suit

Crime Jan. 25, 2012 - 08:45AM JST ( 6 )

The requested article has expired, and is no longer available. Any related articles, and user comments are shown below.

A group of Japanese shareholders have filed a lawsuit against Olympus, demanding $2.9 million for investment losses

Olympus president Shuichi Takayama announces his plan to resign

Order by Time Order by Popularity

6 Comments

-1

tmarieJan. 25, 2012 - 08:28AM JST

This is great news. Hold them accountable! I hope more shareholders take a long hard look at the companies they're invested in and start to ask questions.
1

ElvensilvanJan. 25, 2012 - 09:25AM JST

Last week's solo complaint was for payment of 1.34 billion yen payable to the company.

This time, although at a much smaller scale of 220 million yen, I would assume this is for the personal financial losses of the investor and the stockholders.

But at a larger scale, these cases don't just stand for money, but for Olympus to be accountable for any wrongdoings they have done, and tried to bury. The company's name has been put on stake, even facing the threat of being delisted outright. From the corporate point of view, this may just be considered as a small infraction (considering that Olympus lets the people responsible stay until April), but outside the corporate circle, this may be considered criminal. Just how the Japanese legal system looks and decides on it may decide the future of the company.
2

gaijinTechieJan. 25, 2012 - 10:21AM JST

Truly good news! A new path for Japan that can actually lead to somewhere.

Now, in all fairness, let's hear it from the people who want to blame Woodford, foreign saboteurs, Santa Claus and Rumpelstiltskin for the scandal that is just "unique Japanese culture" or whatever.
1

ScroteJan. 25, 2012 - 10:35AM JST

I can understand if shareholders go after the board members, but if you are an Olympus shareholder and you sue Olympus isn't it the same as suing yourself? The only winners there will be the lawyers.
1

WeaselJan. 25, 2012 - 01:47PM JST

Good luck on trying to draw blood from that rock.
0

ElvensilvanJan. 25, 2012 - 02:45PM JST

Good luck on trying to draw blood from that rock.

Basing on the "usual" business practices, I would say that these cases would just be hushed out with "out of court settlements" with "unspecified amounts".