Olympus has reported a total of 1,67 billion dollars in losses due to bad investments are kept hidden to investors. There could, however, no evidence was found for links with the Japanese mafia.
Olympus had the fraud with the books already previously admitted, but the panel that the scandal is investigating, would now have a total amount for the losses identified. This would be on the peak of the fraud about 1,67 billion dollar amounts. The final report of the panel is on Tuesday expected, two months after the dismissal of Olympus ceo Michael Woodford, but details have already leaked.
Hisashi Mori, executive vice president, and Hdeo Yamada, an internal auditor of the company, gave direction to the hide of the investeringsverliezen. The two people have finally Tsuyoshi Kikukawa, former president of Olympus, about the cover-up of informed. This latter denied, after the extraction of exorbitant consultants fees for an acquisition of Gyrus Group in 2008, initially, that there was a cover-up. He had to eventually resign when more details about the scandal emerged.
It does not seem likely that the Japanese mafia, the Yakuza, what with the fraud, as would the conclusion of the panel that Olympus appointed and include a distinguished judge in his ranks know. The panel would not have recommended to the prosecution of the persons concerned, but would the choice left to the company. The current president Shuichi Takayama has said that the company’s legal action against the three considering.
Crucial for the Olympus is the deadline of 14 december. Then the books are correct, and the quarterly financial results for the second quarter will be announced. Is that deadline is not met, then it is possible that there is not more acted in Olympus shares on the Tokyo stock exchange. Olympus would then be forced to sell parts to the head above the water. Also, if the deadline are met, the beursdirectie decide the share of the stock market to get. In addition, there is still an investigation into the fraud by, inter alia, the police of Tokyo and the beurswaakhond.