The Olympus Group, rocked by an accounting scandal that led to the recent arrest of several of his high office, is today holding a special meeting of shareholders in Tokyo to approve your new board and review of accounts since 2006.
The meeting was attended by the president of Olympus Michael Woodford, whose dismissal in October 2011 following question to the rest of the directors of the group made several questionable transactions in the past, brought to light one of the most recent financial scandals in Japan.
It is expected that the manufacturer of cameras and precision equipment to name new president Hiroyuki Sasa, who was director of business development and director of the subsidiary, Olympus Medical Systems to replace Shuichi Takayama.
It is expected that the latter, along with the rest of the current board, then his resignation effective today.
Takayama temporarily assumed the presidency of Olympus in October instead of Tsuyoshi Kikukawa, who resigned following the scandal that rocked the losses covert group and led to his arrest and six other senior officials in mid-February.
Kikukawa, 71, was sued by the company in early January along with 18 other senior officials of the company, which held them responsible for accounting fraud at least 117,700 million yen (1,100 million).
Last December, an independent panel created by Olympus itself determined that since 1990 had “makeup” millions in losses through a scheme of irregular purchases that would have known that Kikukawa.
The case is being investigated by the Prosecutor of Tokyo, while the Surveillance Commission Securities and Exchange Japan has urged financial authorities to fine Olympus with over 191 million yen (about 1.8 million) by distorting their accounts.
Last February, the company announced that in the period April-December, corresponding to the first nine months of fiscal year, had lost more than 33,000 billion yen (308 million).
Category: Personal Finance