michaelwoodford

Michael Zhang

The Olympus Accounting Scandal is Being Made Into a TV Series

In 2011, Olympus was rocked by a financial scandal after it fired its British CEO who had raised questions about over $1 billion in questionable "acquisitions" between 2006 and 2008. As the truth was uncovered, seven Olympus officials were arrested for fraud and the former CEO settled a lawsuit for $15.5 million. Now the famous camera brand's scandal is being made into a TV series.

Michael Zhang

Olympus ex-CEO-Turned-Whistleblower Writes a Book About the Scandal

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.

Michael Zhang

Olympus Crisis Deepens: Allegations of Fraud and Plummeting Stock

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.