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The Olympus corporate scandal of 2011 - Research Paper Example
Pages 10 (2510 words)
Olympus Corporate Scandal of 2011 Erik Moller Corporate Governance Mr. Alain Reid Glion Institute of Higher Education Table of Content Table of Content 2 Introduction 3 Olympus Corporate Scandal 6 Corporate Governance 7 Corporate Governance in Japan and steps taken 10 Corporate governance faces major crisis in Japan…
There are mediocre corporate rules and regulations (Olympian Depths, 22nd October, 2011). The Olympus Corp is on its way to recover from the fraud though. They proposed a new board of directors and appointed an Executive Officer Hiroyuki Sasa, the current president of Japan Research Institute in order to succeed President Shuichi Takayama (Xinhua, 2012) The ex-chairman Tsuyoshi Kikukawa was accused by the prosecutors along with the ex executive vice-president Hisashi Mori and previous auditor Hideo Yamada for the with the net worth of the company rising in terms of financial statements of March 2007 and 2008. Apart from these six people were arrested on grounds of suspicion. Olympus commented “We take these charges very seriously and will continue to strengthen our corporate governance…We again express our deep apologies to shareholders, investors, business partners, customers and other related parties for causing trouble” (Japan prosecutors charge key figures in Olympus scandal, 2012) Investigation is still going on under the law enforcement agencies of Japan, Britain and the United States. The company admitted to improper accounting methods. 10 Conclusive remarks 10 References 12 Gallagher, C. & Negishi, M. ...
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