• Fri
  • Aug 22, 2014
  • Updated: 6:45pm

Olympus

Olympus Corporation is a Japanese manufacturer best known for its single lens reflex (SLR) cameras although the company is a dominant player in the market for gastro-intestinal endoscopes. Founded in 1919, the company hit the headlines in 2011 when it fired its newly appointed British president, precipitating a scandal that wiped 75 per cent off its stock market valuation. The company subsequently admitted that some board members had engaged in one of the biggest and most durable loss-concealing scams in the history of corporate Japan. In June 2012, Olympus said it would cut 2,700 jobs, or seven per cent of its global work force and would scrap about 40 per cent of its manufacturing plants around the world because of the investment losses.

Ex-banker admits role in Olympus fraud case

A former Singaporean banker pleaded guilty in federal court in to helping Japan's Olympus orchestrate a US$1.7 billion accounting fraud.

Friday, 20 September, 2013, 4:09am

Olympus to be prosecuted by UK fraud agency for falsifying Gyrus accounting

Olympus Corp said on Wednesday that Britain’s fraud regulatory agency will prosecute the Japanese endoscope and camera maker and its UK unit Gyrus for deceptive financial accounting, following a two-year investigation.

4 Sep 2013 - 12:11pm

Suspended jail for ex-Olympus executives in Japan cover-up

A Japanese court on Wednesday handed suspended sentences to three former Olympus executives accused of engineering a massive accounting fraud at the camera and medical equipment maker.

Prosecutors had asked that a five-year jail term be given to sacked company president Tsuyoshi Kikukawa and lesser sentences for ex-vice president Hisashi Mori and auditor Hideo Yamada.

3 Jul 2013 - 2:14pm

Whistle-blower calls for caution over Japanese deals

Michael Woodford, who made a name as one of the world's most senior corporate executives to turn whistle-blower after the Olympus scandal in 2011, has warned Chinese business chiefs to be wary of investing in Japan.

23 May 2013 - 7:32am 2 comments

Talking Points

Colombia, rebels resume peace talks

19 Nov 2012 - 3:24am

Sony to invest US$645 million in scandal-hit Olympus

Electronics giant Sony will invest 50 billion yen (US$645 million) in scandal-tainted Olympus, the firms said Friday, as they both look to turn the page on disastrous chapters.

The investment will make cash-bleeding Sony the single biggest shareholder in Olympus, with slightly more than 11 percent of its outstanding stock.

28 Sep 2012 - 4:45pm

Beleaguered Sony and scandal-tainted Olympus expected to ink deal

Electronics giant Sony and scandal-tainted Olympus will formally agree a capital tie-up Friday, a report said, as both companies look to turn the page on disastrous chapters.

The firms are expected to make an announcement following board meetings to approve the partnership, which will see them working together on medical equipment, the Nikkei business daily said.

28 Sep 2012 - 4:52pm

Olympus PEN Lite/E-PL3

The latest Olympus 4/3 interchangeable lens camera might carry the word 'lite' in its description, but there are plenty of features inside. The Olympus E-PL3, known as the PEN Lite, packs many of the same features as the non-Lite PEN model, E-P3.

1 Jul 2012 - 12:00am

Who said it?

He wants us to believe that when he was in grade four in 1959 he was such a visionary that he already started buying dollars

A prosecutor ridicules Philippine Chief Justice Renato Corona's explanations for his wealth

The company needs to move on ... I need to move on

30 May 2012 - 12:00am

Who said it?

I will listen humbly to all the opinions raised by the public and remember firmly to remind myself to do my best in my remaining work

Chief Executive Donald Tsang Yam-kuen on moves by legislators to impeach him

Cohen is going to be hung is not agreeable to hear

21 Apr 2012 - 12:00am

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