So who will salvage Olympus? Anyone?

Started Nov 8, 2011 | Discussions thread
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antoineb
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So who will salvage Olympus? Anyone?
Nov 8, 2011

Well we all thought that Olympus were continuing their momentum of improvement thanks to the successful m43 cameras and lenses.

Then came the revelations by the British ex-CEO, that large sums of money had been siphoned off the company towards Cayman-based offshore accounts, supposedly to pay experts on an acquisition. Which obviously raised big suspicions that the whole Executive Board at Olympus, were so worried about the future of the company, that they decided to siphon off money to a tax heaven so that they could live off it once they'd have lost their jobs following the company's bankruptcy.

And now we learn that they also cheated the accounting, using cash from that big acquisition, to cover up large investment losses. Which tells us that the Executive Board were completely dishonest, and that they were also playing with investments (and dumbly at that) instead of focusing on running their company.

Ouch!

So clearly now the whole top management has lost credibility, and need to be replaced. And, an inquiry must be made so that the embezzled funds are hopefully recovered by Olympus the company.

In the meantime, it is likely that all this will hurt sales, thus hurt profits, thus hurt employees at Olympus.

Still, we have the good teams which produced the m43 cameras and lenses. This must have some value to someone. Either a private equity firm, or possibly a player in the industry - though the latter seems less likely.

Quite sad

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