Olympus sued for $273 million over accounting scandal
Reuters reports six Japanese trust banks have filed a lawsuit against Olympus for ¥27.9bn (around $273 million) in damages relating to the company’s false financial statements.
According to the report this is the fifth publicly recognized lawsuit stemming from a 2011 accounting scandal. Olympus said it would set aside ¥17bn ($166.49m) to settle three of those five suits.
The banks include: Mitsubishi UFJ Trust & Banking Corp., Master Trust Bank of Japan Ltd., Japan Trustee Services Bank Ltd., Trust & Custody Services Bank Ltd., Nomura Trust & Banking Co., and State Street Trust & Banking Co.
In 2011 Olympus was forced into the limelight when former Chief Executive Michael Woodford revealed the company had covered up more than $1.7 billion of losses and other business fees through illegal accounting practices.
The investigation into this scandal grew into one of the largest in Japan’s history, resulting in jail time for three former Olympus executives, including former chairman Tsuyoshi Kikukawa. Olympus was fined ¥700m ($7m) for violating securities laws.
For more details, read the original Reuters story.
|
|
|
|
|
Apr 4, 2017
|
Mar 22, 2017
|
Mar 21, 2017
|
Mar 20, 2017
|
The GFX 50R is a 50MP rangefinder-style mirrorless camera. It borrows heavily from the existing 50S model but in a smaller body and at a lower price. How does it differ?
The Everyday Sling might just be the perfect pack for not carrying too much gear, combining comfort with Peak Design's signature modern style.
When the Fujifilm X-T2 arrived, it was more than just a modest upgrade to the already impressive X-T1. While the new X-T3 hasn't changed the overall design of the camera, this model is way more than an upgrade; rather, it's a quantum leap.
The Movie Maker is a compact, motorized slider designed for phones, action cams and small mirrorless cameras. We think it's a fun little kit and a good value proposition for the cost, provided you can work around a few of its weak points.
Nikon's Z7 is the first camera to use the all-new Z-mount, the company's first new full-frame mount since 1959. We've put together our first impressions based on quality shooting time with a pre-production camera - check out what we've found.
The instant camera market is heating up, and with four formats and 15+ cameras to choose from, we felt it was high time to examine them all and pick our favorite.
Whether you're hitting the beach in the Northern Hemisphere or the ski slopes in the Southern, a rugged compact camera makes a great companion. In this buying guide we've taken a look at seven current models and chosen our favorites.
What's the best camera for a parent? The best cameras for shooting kids and family must have fast autofocus, good low-light image quality and great video. In this buying guide we've rounded-up several great cameras for parents, and recommended the best.
What's the best camera for shooting landscapes? High resolution, weather-sealed bodies and wide dynamic range are all important. In this buying guide we've rounded-up several great cameras for shooting landscapes, and recommended the best.
What’s the best camera costing over $2000? The best high-end camera costing more than $2000 should have plenty of resolution, exceptional build quality, good 4K video capture and top-notch autofocus for advanced and professional users. In this buying guide we’ve rounded up all the current interchangeable lens cameras costing over $2000 and recommended the best.
Comments