2011/10/23

228-Turning a blind eye at Olympus

The crisis engulfing Olympus Corporation is certainly eye-catching, involving as it does huge, ill-explained losses and a most un-Japanese outbreak of in-fighting at the very top of the company. The recently sacked British chief executive has now taken a dossier of evidence about its activities to the UK’s Serious Fraud Office. So much for consensus management.

The bare facts are bad enough. Olympus, a respected Japanese maker of optical equipment, has burnt through $1.3bn – or about a quarter of its fast-dwindling market value – on a series of ill-explained and frankly incomprehensible deals and fee payments. These appear to have been played down over a number of years..............

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