Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company

X

Japanese digital camera Company Olympus saw their shares plunge 24% on Monday after falling $37% on Friday, $5.5 Billion wiped off the value of the Company after their CEO was sacked for probing questionable fees paid to several Companies following an aquisition three years ago.

Japanese digital camera Company Olympus saw their shares plunge 24% on Monday after falling $37% on Friday, $5.5 Billion wiped off the value of the Company after their CEO was sacked for probing questionable fees paid to several Companies following an aquisition three years ago.

Michael Woodford a UK national told The Wall Street Journal over the weekend that shortly before he was fired, he had urged the Japanese company’s chairman to resign over “serious governance concerns.”

According to Woodford who was only in the job for six months,  Olympus spent more than $912m between 2006 and 2008 to build controlling stakes in a trio of small, little-known companies.

He told the Financial Times in London the companies had little real value and that their ultimate owners were never identified by Olympus during the transactions.

His assertions are central to an apparent dispute between Mr Woodford and other members of Olympus’ board. Mr Woodford says he was dismissed for calling into question some $1.3bn of payments to advisers and investment funds in a string of acquisitions carried out under his predecessor, Tsuyoshi Kikukawa.

Olympus sharesclosed down 24% on Monday in Tokyo. Combined with a sharp drop on Friday, of 37% has seen $5.5 billion wiped off the value of the Company that is currently in a head on battle with Nikon and Panasonic in the mirrorless digital camera market.

Olympus Executive Vice President Hisashi Mori said the company’s payment to financial advisers in a 2008 purchase was less than half the $687 million cited in an auditors’ report commissioned by Mr. Woodford, according to two analysts who were on the call. The 45-minute session was closed to the news media.

The amount of fees cited by Mr. Woodford for the deal would have amounted to 36% of the $1.92 billion price for buying U.K. medical-equipment supplier Gyrus Group Ltd. Olympus didn’t disclose the exact amount of fees paid and company executives declined to comment on the call.

Mr. Woodford on Monday said he referred the deal to the U.K. Serious Fraud Office. The SFO declined to comment. Olympus couldn’t be reached.

Skullcandy 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
Hisense KV BannerAd 728 90 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
BlueAnt 4SQM PumpAirUltra 728x90px Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
BEL2535 BPB024 4SQ Banners 728x90 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
728x90 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
MOTO 36331576 Q3 Ad Banners 728x90 2 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
Westan 728x90px Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
GOTHAM 728px x 90px Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
FA 979 HN MDF SG14 14gen 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
JBL TourPro3 728x90 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
Arlo July Promo Digital 728x90 2 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
Flick of a switch 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
appliance retailer leaderboard may 728x90 Hitachi updated Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
Marshall 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
250527 SAV Channel news June25 Leaderboard 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
728x90 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
ELX DIG Crosscat Promo 728x90 Mar25 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
HAIER Series 600 FLW HPD Pairs 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
728 x 90 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
4Square Media Banner Ads Update at 5 July JSAU05JUL1 Buddy 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
AU X8 Banner 728x90 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
ChannelNews AZ100 728x90 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
4Square Media Banner Ads Update at 5 July JSAU05JUL1 MR 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
Uniden Channelnews SoloX July 2024 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company
Px7 S3 728x90 1 Olympus Shares Plunge, UK Serious Fraud Squad Called In To Investigate Company


YOU MAY ALSO LIKE