Trouble at Olympus?

Discussion in 'Micro 4/3 News and Rumors' started by DIS Ottawa, Oct 18, 2011.

  1. Bill Gordon

    Bill Gordon Mu-43 Top Veteran

  2. phigmov

    phigmov Mu-43 Hall of Famer

    Apr 4, 2010
  3. kai.e.g.

    kai.e.g. Mu-43 Regular

    This is going to rock Olympus to its very foundations. It'll be interesting to see what's left after the dust settles. Thankfully, battery life and reliability of my E-P3 don't seem to be trending with the company's current share prices at all.
     
  4. M4/3

    M4/3 Mu-43 Top Veteran

    713
    Sep 24, 2011
  5. Empireme

    Empireme Mu-43 Regular

    150
    Aug 25, 2011
    LA, CA
    Cliff notes?
     
  6. photoSmart42

    photoSmart42 Mu-43 Top Veteran

    628
    Feb 12, 2010
    San Diego, CA
    One dude said: "you are teh fraud! show me teh money!"
    Other dude said: "you're fired!"
    First dude went to press: "they have teh fraud! investigate!"
    Shareholders said: "sell teh shares!"
     
    • Like Like x 2
  7. hkpzee

    hkpzee Mu-43 All-Pro

    Sep 5, 2011
    Hong Kong
    Patrick
  8. DHart

    DHart Mu-43 Hall of Famer

    Jan 7, 2010
    Scottsdale, Arizona
    Don
    Hoping for a swift house clearing in the House of Olympus, followed by a resounding resurrection of wise leadership and productive prosperity. As Panasonic's partner in our favorite new camera format, we need Olympus to keep on the good fight.
     
  9. hkpzee

    hkpzee Mu-43 All-Pro

    Sep 5, 2011
    Hong Kong
    Patrick
    I hope so, too! And Olympus was on such a roll with their new cameras and lenses line-ups before this scandal broke... :mad:
     
  10. digitalandfilm

    digitalandfilm Mu-43 All-Pro

    Jul 18, 2011
    The Online Photographer

    Woodford Goes to Scotland Yard: In a Reuters video, ousted Olympus CEO Michael Woodford says that after turning over more information to the Serious Fraud Office in London, he has been advised to go to the British police to seek help protecting his personal safety. He says in the video that there is the "potential" that organized crime in Japan might be involved.

    Meanwhile, I've had some conversations with an expert in the field of what you might call forensic accounting, someone whose job it is to analyze the accounts and paper trails from companies accused of crimes. He can't speak on the record, as he is not authorized to speak for his firm, so his impressions are merely his personal opinion.

    He told me that the missing money paid to the shadowy Cayman Islands company that can no longer be located or identified does indeed suggest theft, but that his gut feeling is that the Olympus case is probably one of misstating financial statements. Some companies will move money offshore or off the books using questionable practices in order to move it back on to the books again when and where it's needed—to mask undesirable losses or provide desired (but fake) "profits." He notes that the rest of the Board of Directors would be likely be a good deal more upset if all that money was actually gone.

    (He also mentioned that he's known of cases where officers of companies stole money from their own companies to "pay" themselves for their shady accounting! I guess nothing should surprise us.)

    He think Michael Woodford probably did what he had to do. He thinks that Woodford probably found out things that put himself and his personal fortune at risk.

    A fascinating case, and one we'll be following with interest. Meanwhile, Olympus stock has been in freefall, so the scandal no doubt has the full attention of the Directors and the investors—although it does seem to me like it's one of those sensations that will have a pretty short half-life in the news cycle.
     
  11. Narnian

    Narnian Nobody in particular ...

    Aug 6, 2010
    Midlothian, VA
    Richard Elliott
    I see an opportunity here. If all of us pool our money we (Mu-43 forumites) could probably buy Olympus the way the stock is falling. Probably with our pocket change.

    Who is with me? :tongue:
     
    • Like Like x 2
  12. WT21

    WT21 Mu-43 Hall of Famer

    Feb 19, 2010
    Boston
    I'm in! :D
     
  13. ~tc~

    ~tc~ Mu-43 Hall of Famer

    Oct 22, 2010
    Houston, TX
    micro 43 rumors is reporting that the FBI is involved ... not sure how any of this falls under their jurisdiction ...
     
  14. Ned

    Ned Mu-43 Legend

    Jul 18, 2010
    Alberta, Canada
    Unfortunately, I would have to sell some :43: and 4/3 gear to afford stock, and that's something I can't do. ;)
     
  15. Canonista

    Canonista Mu-43 Top Veteran

    563
    Sep 3, 2011
    L.A.
    NY Times is reporting on the advisory firm, Axes America, that received the payments from Olympus and then transferred the funds off-shore to the Caymans. One of the principals is U.S. based. I'm guessing they are looking into possible money laundering here.

    2 Japanese Bankers at Heart of Olympus Fee Inquiry - NYTimes.com
     
  16. ~tc~

    ~tc~ Mu-43 Hall of Famer

    Oct 22, 2010
    Houston, TX
    Oh, missed that connection.

    If this turns out to be true, it'll make a helluva movie ...
     
  17. WT21

    WT21 Mu-43 Hall of Famer

    Feb 19, 2010
    Boston
    Great new information. Thanks for sharing!
     
  18. ke7dbx

    ke7dbx Mu-43 Regular

    76
    May 11, 2011
  19. Phoque

    Phoque Mu-43 Regular

    164
    Sep 18, 2011
    Ontario, Canada
    Even though it will have resulted in a painful reality check, Michael Woodford as president was probably the best thing to happen to Olympus recently. If it wasn't for him, this could have kept going on who knows for how long.

    I just hope like all of you that they disinfect upper management. Similarly to the occupy Wallstreet thing, probably over 99.99% of the company is healthy, only that sub 0.01% of bastards are giving it trouble and a bad name.

    Other than that, I'm not overly worried about the company going down or bankrupt. But it will surely affect or challenge its ability to remain competitive or continue to innovate in the short/mid term.