Olympus crisis reaches Europe

Started Nov 1, 2011 | Discussions thread
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Hubertus Bigend
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Olympus crisis reaches Europe
Nov 1, 2011

As German IT newsticker heise.de reports in http://www.heise.de/newsticker/meldung/Olympus-Krise-erreicht-Europa-1369616.html , the public prosecutor's office in Hamburg has brought charges against three former Olympus Europe managers pertaining to embezzlement, notably the long-time chief for Europe, Werner Teuffel. Prosecution was already initiated in March. The article says that there was an anonymous letter from Olympus Hamburg employees to Woodford in 2009, who used to be part of Olympus Europe management then, reporting that "all forms of corruption were practiced without restraint in awarding contracts" and judging this to be a "ticking time bomb".

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