Olympus CEO Fired

Started Oct 17, 2011 | Discussions thread
OlyAmber
Regular MemberPosts: 201
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Re: Olympus CEO Fired
In reply to NickR, Oct 24, 2011

NickR wrote:

Have you seen the CEO's internal memo to the board? The company payed hundreds of millions of dollars to a Cayman's holding company of unkown ownership, which was delisted a few months after receiving the last of the payments. The board was unable or unwilling to explain the details of what these payments were for and why they were for so much money.

The CEO was hired about 2 weeks ago, and is now being replaced as CEO by one of the board members he accused of impropriety. It's shady as anything.

Make that 2 weeks after the payments were recieved. They got the payments in the Caymans and closed the office... or the company lost it's license.

http://www.channel4.com/news/ex-olympus-ceos-concern-over-improper-payments

It's usual for the 'fees' on this type of deal to be 2%: Olympus paid 35%!!! The amount was equal to 2 years profits of the whole corporation.

If this is frxxd, how does it work? What is the mechanism that gets this 'fee' money into Mr Oly HQs bank account?

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