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Olympus Panel Suggests Legal Action

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By Douglas A. McIntyre Published
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An independent panel which investigated the financial dealings of Olympus suggested legal action against management. The company hid as much as $1.7 billion in losses by setting fraudulent financial transactions.

“The core part of management was rotten and the parts around it were also contaminated by the rot,” the 178-page report, commissioned by the company, said.

“In the worst possible sense, the situation was that of the tribal culture of the Japanese salaryman,” it added, referring to a culture of absolute loyalty to the company.

The report also said that external auditors bore some of the responsibility for not catching the transactions.

The ousted CEO of the company has tried to get his job back. He claims to have brought his concerns about the hidden losses to the board, only to be fired.

Reuters reports that organized crime was not involved as some had feared. The scandal could bring down on of Japan’s iconic consumer electronics company. There is already talk the Olympus could be delisted

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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