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Skandal Olympus オリンパス事件 Olympus scandal
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The Olympus scandal was a case of accounting fraud exposed in Japan in 2011 at optical equipment manufacturer Olympus. On 14 October, British-born Michael Woodford was suddenly ousted as chief executive. He had been company president for six months, and two weeks prior had been promoted to chief executive officer, when he exposed "one of the biggest and longest-running loss-hiding arrangements in Japanese corporate history", according to The Wall Street Journal. Tsuyoshi Kikukawa, the board chairman, who had appointed Woodford to these positions, again assumed the title of CEO and president. The incident raised concern about the endurance of tobashi schemes, and the strength of corporate governance in Japan. オリンパス事件（オリンパスじけん）とは、オリンパス株式会社が巨額の損失を「飛ばし」という手法で、損益を10年以上の長期にわたって隠し続けた末に、負債を粉飾決算で処理した事件である。 2011年（平成23年）7月、雑誌FACTAの調査報道によるスクープとイギリス人社長の早期解任を契機に発覚し、大きな注目を集めた。株価は急落し会長らは辞任、オリンパスは上場廃止の瀬戸際に立つことになった。 Skandal Olympus merupakan salah satu skandal terbesar dalam bidang korporasi yang pernah terjadi di Jepang. Olympus merupakan salah satu produsen kamera yang berasal dari Jepang. Skandal dilakukan dalam bentuk penyembunyian fakta mengenai kerugian investasi perusahaan. Olympus menggunakan dana akuisisi untuk menutupi kerugian yang dialaminya sejak tahun 1980. Skandal Olympus diberitakan ke publik oleh Finance Times pada tahun 2011. Skandal ini diketahui dari informasi yang disampaikan oleh Michael Woodford yang merupakan mantan Direktur Utama perusahaan Olympus.
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dbr:Federal_Bureau_of_Investigation dbr:Securities_and_Exchange_Surveillance_Commission Tsuyoshi Kikukawa, Hisashi Mori, Hideo Yamada and others ¥376 billion yen ex-CEO Michael Woodford dbr:Tokyo_Metropolitan_Police Auditors: KPMG, Ernst & Young Intermediaries: Hajime Sagawa, Akio Nakagawa, Nobumasa Yokoo dbr:Serious_Fraud_Office_(United_Kingdom) ITX , Altis, Humalabo and News Chef , Gyrus Group dbr:Tokyo_Stock_Exchange Olympus Corporation: Michael C. Woodford, Tsuyoshi Kikukawa, Hisashi Mori, Hideo Yamada; dbr:Financial_Services_Agency
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2011-10-14 2011-10-30 2012-04-24 2016-03-08
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90.0
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Missing assets dbr:Whistleblower Key players Corporate casualties Suspicious acquisitions Official investigations
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Tokyo, Japan
dbp:quote
Investors have expressed opinions that the management of such listed companies have unfairly damaged their corporate value counter to shareholder interests and have cited underlying problems in the quality of Japanese corporate governance ... They have even expressed fears that such issues are occurring in other listed companies. "It has become clear that advisory fees and funds used to buy back preferred shares in the acquisition of Gyrus, as well as funds used in the purchase of three new domestic businesses ... were used, among other things, to dispose of unrealised losses on securities, the reporting of which had been put off." "Michael C. Woodford has largely diverted from the rest of the management team in regard to the management direction and method, and it is now causing problems for decision making by the management team. Mr Kikukawa will become a director without executive rights ...Shuichi Takayama, a current director, will replace him as president." "As we have troubled our customers, business partners and shareholders over a series of press reports and a slump in share prices, chairman and president Tsuyoshi Kikukawa today returned his titles, as well as his right to representation ... "The eventual cost of the Transaction to Olympus is extremely significant and is as a result of a number of actions taken by management which are questionable and which give cause for concern ... We were unable to confirm that there has been improper conduct, however, given the sums of money involved and some of the unusual decisions that have been made it cannot be ruled out at this stage ... In addition, there are a number of other potential offences to consider including false accounting, financial assistance and breaches of directors' duties by the board." Hence, judging that realisation of the 2010 Corporate Strategic Plan with its slogan of "Advancing to the Next Stage of Globalisation" would be difficult to achieve by the management team led by Woodford, all the board directors attending today, except for Woodford himself who could not participate in the voting due to special interest, unanimously resolved the dismissal from his office of the representative director."
dbp:source
– Olympus statement about advisory fees, November 2011 – Olympus statement announcing departure of Kikugawa Olympus press release: "Olympus Corporation Resolved Dismissal of President Michael C. Woodford" PriceWaterhouseCoopers report on the 2008 Olympus acquisitions – Tokyo Stock Exchange statement
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Olympus scandal
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The Olympus scandal was a case of accounting fraud exposed in Japan in 2011 at optical equipment manufacturer Olympus. On 14 October, British-born Michael Woodford was suddenly ousted as chief executive. He had been company president for six months, and two weeks prior had been promoted to chief executive officer, when he exposed "one of the biggest and longest-running loss-hiding arrangements in Japanese corporate history", according to The Wall Street Journal. Tsuyoshi Kikukawa, the board chairman, who had appointed Woodford to these positions, again assumed the title of CEO and president. The incident raised concern about the endurance of tobashi schemes, and the strength of corporate governance in Japan. Apparently irregular payments for acquisitions had resulted in very significant asset impairment charges in the company's accounts, and this was exposed in an article in the Japanese financial magazine FACTA and had come to Woodford's attention. Japanese press speculated on a connection to Yakuza (Japanese organised crime syndicates). Olympus defended itself against allegations of impropriety. Despite Olympus' denials, the matter quickly snowballed into a corporate corruption scandal over concealment (called tobashi) of more than 117.7 billion yen ($1.5 billion) of investment losses and other dubious fees and other payments dating back to the late 1980s and suspicion of covert payments to criminal organisations. On 26 October, Kikukawa was replaced by Shuichi Takayama as chairman, president, and CEO. On 8 November 2011, the company admitted that the company's accounting practice was "inappropriate" and that money had been used to cover losses on investments dating to the 1990s. The company blamed the inappropriate accounting on former president Tsuyoshi Kikukawa, auditor Hideo Yamada and executive vice-president Hisashi Mori. By 2012 the scandal had developed into one of the biggest and longest-lived loss-concealing financial scandals in the history of corporate Japan; it had wiped 75–80% off the company's stock market valuation, led to the resignation of much of the board and investigations across Japan, the UK and US. Among the people criminally charged in this scandal, only two people, both securities brokers, actually went to prison, for 3–4 years. A shareholder derivative suit in 2019 fined three Olympus board members for 59.4 billion yen (USD 594 million), the largest of its kind in Japanese history. This scandal also raised considerable turmoil and concern over Japan's prevailing corporate governance and transparency and the Japanese financial markets. Woodford received a reported £10 million ($16 m) in damages from Olympus for defamation and wrongful dismissal in 2012; around the same time, Olympus also announced it would shed 2,700 jobs (7% of its workforce) and around 40 per cent of its 30 manufacturing plants by 2015 to reduce its cost base. オリンパス事件（オリンパスじけん）とは、オリンパス株式会社が巨額の損失を「飛ばし」という手法で、損益を10年以上の長期にわたって隠し続けた末に、負債を粉飾決算で処理した事件である。 2011年（平成23年）7月、雑誌FACTAの調査報道によるスクープとイギリス人社長の早期解任を契機に発覚し、大きな注目を集めた。株価は急落し会長らは辞任、オリンパスは上場廃止の瀬戸際に立つことになった。 Skandal Olympus merupakan salah satu skandal terbesar dalam bidang korporasi yang pernah terjadi di Jepang. Olympus merupakan salah satu produsen kamera yang berasal dari Jepang. Skandal dilakukan dalam bentuk penyembunyian fakta mengenai kerugian investasi perusahaan. Olympus menggunakan dana akuisisi untuk menutupi kerugian yang dialaminya sejak tahun 1980. Skandal Olympus diberitakan ke publik oleh Finance Times pada tahun 2011. Skandal ini diketahui dari informasi yang disampaikan oleh Michael Woodford yang merupakan mantan Direktur Utama perusahaan Olympus.
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