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2017 | OriginalPaper | Chapter

5. Olympus: Management was Corrupt at Its Core

Authors : Alicia Micklethwait, Patricia Dimond

Published in: Driven to the Brink

Publisher: Palgrave Macmillan UK

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Abstract

Early on 14 October 2011, Michael Woodford stood in his office at Olympus Corporation, shocked and angry. Ten minutes before he had been the President and CEO of Olympus, the Japanese camera and medical instruments manufacturer. Now, summarily dismissed by the board, he was being hustled out of the building and had been ordered to leave his apartment by the weekend.

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Footnotes
1
Woodford, Michael (2012) Exposure: From President to Whistleblower at Olympus, (London: Penguin Books).
 
2
Third Party Committee (2011) Investigation Report, p. 179, Olympus Corporation, 6 December 2011.
 
3
Kami, or spirits, worshipped in the Shinto religion.
 
4
In 2003 it was renamed Olympus Corporation.
 
5
The USA, Japan, the UK, France and Germany.
 
6
Third Party Committee (2011) Investigation Report, p. 8, Olympus Corporation, 6 December 2011.
 
7
A tokkin trust is a trust created under Japanese law in which a registered investment advisor appointed by the trustor instructs the trustee regarding the investment of the trust’s assets.
 
8
Third Party Committee (2011) Investigation Report, p. 75, Olympus Corporation, 6 December 2011.
 
9
Nearly $900 million.
 
10
Nearly $1.3 billion.
 
11
Strom, S (1997) Big Japanese Securities Firm Falls, Putting System on Trial, The New York Times, 24 November 1997.
 
12
Third Party Committee (2011) Investigation Report, p. 15, Olympus Corporation, 6 December 2011.
 
13
Securities and Exchange Commission in the Matter of Hajime Sagawa, 27 February 2015.
 
14
Third Party Committee (2011) Investigation Report, p. 19, Olympus Corporation, 6 December 2011.
 
15
Third Party Committee (2011) Investigation Report, p. 76, Olympus Corporation, 6 December 2011.
 
16
More than $800 million.
 
17
More than $600 million.
 
18
Third Party Committee (2011) Investigation Report, p. 153, Olympus Corporation, 6 December 2011.
 
19
Third Party Committee (2011) Investigation Report, p. 125, Olympus Corporation, 6 December 2011.
 
20
Layne, N. & K. Ridley (2011) Exclusive: Olympus removed auditor after accounting, Reuters, 4 November 2011.
 
21
Yoshimasa, Y. (2011) Olympus ‘reckless M&A’: Mystery of huge losses, Facta, August 2011.
 
22
Woodford, Michael (2012) Exposure: From President to Whistleblower at Olympus, (London: Penguin Books).
 
23
Woodford, Michael (2012) Exposure: From President to Whistleblower at Olympus, (London: Penguin Books).
 
24
Gapper, J. (2015) Japan will gain from Toshiba’s humiliation, Financial Times, 22 July 2015.
 
25
Woodford, Michael (2012) Exposure: From President to Whistleblower at Olympus, (London: Penguin Books).
 
26
Soble, J. (2011) Japan’s timid media in the spotlight, Financial Times, 28 October 2011.
 
27
Wakabayashi, D. (2011) Live blog at Olympus press conference, Wall Street Journal, 8 November 2011.
 
28
Tabuchi, H. (2011) Olympus hid investing losses in big merger payouts, New York Times, 7 November 2011.
 
29
Third Party Committee (2011) Investigation Report, p. 179, Olympus Corporation, 6 December 2011.
 
30
Third Party Committee (2011) Investigation Report, p. 180, Olympus Corporation, 6 December 2011.
 
31
ACCA-KPMG Study. Balancing rules and flexibility: A study of corporate governance requirements across 25 markets, November 2014.
 
32
Nagata, K. (2015) New rules are pushing Japanese corporations to tap more outside directors, Japan Times, 27 April 2015.
 
33
Simms, J. (2011) Japan can learn from Olympus ills, Wall Street Journal, 19 November 2011.
 
34
The president of a Japanese company usually acts as the CEO.
 
35
Fukushima Nuclear Accident Independent Investigation Commission (2012) The official report of the Fukushima Nuclear Accident Independent Investigation Commission, The National Diet of Japan.
 
Metadata
Title
Olympus: Management was Corrupt at Its Core
Authors
Alicia Micklethwait
Patricia Dimond
Copyright Year
2017
Book
Driven to the Brink

Print ISBN: 978-1-137-59051-0

Electronic ISBN: 978-1-137-59053-4

Copyright Year: 2017

DOI
https://doi.org/10.1057/978-1-137-59053-4_5

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