Technology journalist specializing in audio, computing and photography. What happens to your body in extreme heat? Olympus Corporation is a Japanese company that manufactures optical instruments and was established in 1919. All Rights Reserved, This is a BETA experience. VideoStranded at sea: Survivors' stories, play'Irreparable damage': Italy's ski resorts deserted. Financial terms of the deal haven’t been disclosed and Olympus says it will carry on as usual until the deal is finalised. They are most notably known for their endoscopes, but have forged a profitable business making medical and surgical equipment, microscopes, cameras and scanners. Sad news from Japan where the venerable camera brand Olympus has declared it’s to exit the photographic business. The fallout from the scandal over financial reporting at Olympus Corporation provides a new opportunity to reconsider both theoretical and practical issues related to corporate governance reform. Its global headquarters are located in Shinjuku, Tokyo, Japan. This article proposes that the deadlocked debate in Japan over independent directors be expanded in three ways. He asks lawmakers to "remove wasteful and unnecessary items", adding the package "really is a disgrace". Olympus Corp. of Japan did not disclose the details of what federal officials have been investigating other than saying the focus is on possible violations … The Olympus scandal erupted on October 14, when the Japanese camera-maker dismissed its then chief executive Michael Woodford over what it claimed were management issues. One of the biggestinternal control problems within Olympus was the CEO’s practical ability toselect successor CEOs and company directors (Aronson, 2012). .css-1xgx53b-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-1xgx53b-Link:hover,.css-1xgx53b-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. Although Olympus started out as a microscope manufacturer, it began making cameras way back in 1932. The market for digital mirrorless cameras simply wasn’t large enough to sustain Olympus and turn the company a profit. Olympus was established on 12 October 1919, initially specializing in microscopes and thermometers. One of the six men found liable by the court has since died, but his family could still be held responsible for his share of the damages, according to the AFP news agency. ... and this follows on from an accounting scandal … Olympus has been making cameras since 1932 but it's decided to sell off its camera division after three years without making a profit. 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The Olympus fraud has a real life whistle-blower – Michael C. Woodford – the newly appointed president and CEO at the time of the fraud. A Tokyo court found Kikukawa and five others liable for $529m. © 2020 BBC. Former chairman Tsuyoshi Kikukawa and … Video. In 2011, Olympus attracted … The researchers examined the behavior of corporate boards following the 2006 stock-option backdating scandal, ... Japan insurer reduces scandal-ridden Olympus stake. Exposure: Inside the Olympus Scandal: How I Went from CEO to Whistleblower (2012) - Kindle edition by Woodford, Michael. Use features like bookmarks, note taking and highlighting while reading Exposure: Inside the Olympus Scandal: How I Went from CEO to Whistleblower (2012). When Michael Woodford took over as CEO of Japan's Olympus Corp. last year, he could hardly foresee that within a year he would uncover a massive fraud at the company, … Its then-CEO, Michael Woodford, uncovered an accounting scandal at … Former executives at Olympus (OCPNY) admitted to an accounting fraud worth $1.7 billion lasting more than a decade. Not at Olympus Corporation, the Japanese maker of cameras and medical imaging equipment, where the fraud lasted more than two decades. Olympus Adds 3D, IR, and Novel Light Technologies to VISERA ELITE II Surgical Imaging Platform Olympus Grows Respiratory Portfolio with Acquisition of Veran Medical Technologies, Inc. Olympus … Despite hopes that more manufacturers would join the Four-Thirds consortium with a common lens fitting, Olympus was only joined by Panasonic via its Lumix sub-brand. The Olympus scandal also renews long-standing questions about the structure of audit firms, which brand themselves as global networks but in … Download it once and read it on your Kindle device, PC, phones or tablets. Last December, the company filed five years worth of corrected earnings statements to account for the scandal. It’s conceivable that JIP can keep the iconic brand going but the glory days for Olympus as a photography brand could be coming to an end. Like many camera companies, Olympus saw a big fall in sales of its compact cameras as consumers ... [+] turned in droves to smartphones as their preferred way of taking photos. How the scandal of Olympus Corporation was found out On 1 st of Apri l 2011, Michael Woodford was named the President and Chief Operating Officer of Olympus Corporation. And 80s Woodford, Michael as the company sold them by the millions they! Apple AirPods Pro 2 Patent Reveals Jaw-Dropping new Upgrade terms of the best and most technology... 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