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Prosecutors to raid Olympus on Wednesday: media

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Mon, Dec 19 2011
Olympus Corp's digital camera is seen through a show window which bears rain drops and reflects lights from traffic at an electronic shop in Tokyo December 6, 2011. REUTERS/Kim Kyung-Hoon

Olympus Corp's digital camera is seen through a show window which bears rain drops and reflects lights from traffic at an electronic shop in Tokyo December 6, 2011.

Credit: Reuters/Kim Kyung-Hoon

TOKYO | Tue Dec 20, 2011 6:37pm EST

TOKYO (Reuters) - Japanese prosecutors are set to raid the offices of Olympus Corp (7733.T) as well as homes of its former executives later on Wednesday in connection with a huge accounting scandal that has threatened the existence of the 92-year-old maker of cameras and medical equipment, domestic media reported.

Tokyo prosecutors, police and the Securities and Exchange Surveillance Commission will join in a joint probe of the 13-year, $1.7 billion scheme to hide investment losses stretching back two decades, media said.

(Reporting by Nobuhiro Kubo; Editing by Edwina Gibbs)
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Comments (1)
Maltwhisky wrote:
All so typical. There’s a saying in Japanese that roughly translates to “Put a lid on anything that stinks,” meaning essentially that anything unsavory or embarrassing should never be made public. That’s the “sin” that Woodford committed, so now the board and their dishonest backers, ie banks and other Japanese electronics companies (calling them “tech companies” would be a frightening misnomer), are lining up against the stockholders and Woodford. The stockholders are especially doomed because many of them are not Japanese, so they will suffer the extra-special treatment of the so-called Japanese legal system, which essentially will attempt to absolve the board of any wrongdoing or knowledge thereof and continue business as usual.

This should be fair warning to anyone considering investing in ADRs of these backward companies (Sony, Panasonic, and the like).

Dec 20, 2011 5:27am EST  --  Report as abuse
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