The Olympus financial scandal -- you know, the one that was discovered all the way back in October of 2011 -- has been trying to reach a conclusion for some time now. But now that the Japanese justice system has reached a decision, many won't be happy with the end result. Namely: all of the major players in the $1.7 billion scandal have managed to avoid jail time entirely, at least for now.
It was almost exactly one year ago that Olympus fired then-CEO Michael Woodford and started a chain of events that culminated in one of the largest financial scandals in Japanese history. Woodford received an incredible amount of international attention for his role in the saga, since he was one of the highest ranking executives ever to turn into a whistleblower.
He may have lost his $8-million-a-year job, but he likely won't ever need another: in addition to settling for a reported $15.5 million over the breakup, Woodford is also cashing in by writing a book that offers his account of what transpired.
An update to the financial scandal over at Olympus, which has quieted down quite a bit in …
It looks like Olympus ex-CEO Michael Woodford will be getting his wish after all as …
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Update: Olympus has released an official response to the allegations.
Since Olympus abruptly fired CEO Michael Woodford (pictured, on left) four days ago, the company's stock price has fallen from roughly ¥2,480 to its current price of ¥1,417, a 43% drop that wiped out nearly $4 billion in value. As we reported yesterday, Woodford is now asking the UK to investigate the company's financial practices, and is claiming that he was booted when on the verge of exposing fraud.