The Olympus saga

Old Oct 17th 2011, 10:00 am
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Default The Olympus saga

In light of the board ousting of their president he has opened a real can of worms.
Olympus, a maker of cameras and medical equipment, paid $687 million to two advisory companies related to its purchase of Gyrus Group Plc in 2008, the report said. The fees were more than a third of the $2 billion purchase price, according to the report. One of the advisers, Cayman Islands-incorporated AXAM Investments Ltd., was removed from the local registry in June 2010 for non-payment of license fees, according to the report.

Merger and acquisition advisory fees depend on individual deals and usually range from 1 percent to 5 percent...
So they just hired a really expensive consultancy company? Well, maybe not…
“It is truly extraordinary and frankly unbelievable that Olympus, a major Nikkei listed public company, made a series of payments approaching USD 700 million in fees to a company in the Cayman Islands whose ultimate ownership is still unknown to us, preventing the auditors from verifying that no related parties were involved,” Woodford wrote to Kikukawa in an Oct. 11 letter. “In putting the company first, the honorable way forward would be for you and Mori-san to face the consequences of what has taken place, which is a shameful saga by any stretch of the imagination.”

Woodford showed Bloomberg News six letters he says he wrote to Kikukawa and the board questioning the payments in the weeks before he was fired. The advisers negotiated an increase in completion fees to approximately $682 million from $189 million, according to the PWC report.
Does seem suspect .
Woodford, 51, became president of Olympus in April. He succeeded Kikukawa, who was president from October 2003 to March 2011.

Kikukawa said at the Oct. 14 press conference that Woodford was ousted “unanimously” at the 9 a.m. board meeting with 13 attendants.
Can we bring popcorn to the next shareholders meeting?
“I was extremely concerned for my safety and well-being,” he [Woodford] said. I “left Japan on the first available flight to London via Hong Kong on Friday afternoon.”
Yakuza? Pretty ambitious stuff for a criminal gang though.

Additionally, Olympus paid about $773 million for three closely held companies between 2006 and 2008, according to Woodford’s letter. Subsequently, Olympus wrote down the value of the acquisitions by $586 million, the letter said. The acquisitions had little in common with Olympus’ main businesses, according to Woodford.

“There were $800 million in payments to buy companies making face cream and Tupperware,” said Woodford. “What the hell were we doing paying $800 million for these companies?”
I’ve heard of diversification before but a company making specialist ocular instruments going into Tupperware?

Either way this could be very amusing .
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Old Oct 17th 2011, 7:36 pm
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Default Re: The Olympus saga

Originally Posted by Charismatic View Post

I’ve heard of diversification before but a company making specialist ocular instruments going into Tupperware?
Isn't Tupperware just code for sex toys though? Always used to be in the 'Tupperware parties' in the sleepy suburbs of Brighton.
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Old Oct 17th 2011, 8:08 pm
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Default Re: The Olympus saga

How well does Olympus do in the consumer camera market? To me it looks like Sony,Canon,Nikon,Samsung and Panasonic have it all sowed up. Not sure about Pentax and brands like Leica are niche.
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Old Oct 18th 2011, 4:47 am
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Default Re: The Olympus saga

Originally Posted by saudiflares View Post
Isn't Tupperware just code for sex toys though? Always used to be in the 'Tupperware parties' in the sleepy suburbs of Brighton.
Q: Why is a randy walrus like a Tupperware quality inspector?

A: They both like a nice tight seal
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Old Oct 18th 2011, 5:42 am
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Default Re: The Olympus saga

Originally Posted by ctfc View Post
Q: Why is a randy walrus like a Tupperware quality inspector?

A: They both like a nice tight seal
You made me splutter at work trying not to laugh .
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Old Oct 18th 2011, 8:49 am
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Default Re: The Olympus saga

A penguin had to take his car to the garage because the engine lacked power.

The mechanic told the penguin to leave his car with him for about two hours to find out what was wrong.

The penguin goes across the street to a grocery store, climbs into a freezer and gets stuck into some vanilla ice cream.

When the two hours are up the penguin goes back to the garage to find out what's wrong with his car.

When the penguin entered the garage, the mechanic looked at him and said, "Looks like you blew a seal."

The penguin replied, "NO way, thats vanilla ice-cream!"
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Old Nov 8th 2011, 7:55 am
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Default Re: The Olympus saga

BBC reports:
Shares in Olympus fell as much as 30% on Tuesday after the company admitted to hiding losses on securities investments for decades. The company said it had used funds related to past acquisitions to cover these losses.

Executive vice president, Hisashi Mori, has been dismissed as a result.

Olympus president, Shuichi Takayama, is blaming former president Tsuyoshi Kikukawa, former vice president Hisashi Mori and the company's auditor Hideo Yamada for the transactions.

"I was absolutely unaware of the facts I am now explaining to you," Mr Takayama said. "The previous presentations were mistaken." He added that the company would consider criminal charges if necessary.
I hope the next AGM is on pay-per-view. I want to see directors asked those questions that make them look like they want to crawl over the chair behind them and up the wall backwards while spitting venom at shareholders.

One man gets punished? Stunning that the entire board isn’t facing jail for fraud! Company is worth less than a third what it was a month ago.

"There is a serious danger that Olympus shares will be delisted. The future of the company is extremely dark."
20 years of false accounting how can it not?

Last edited by Charismatic; Nov 8th 2011 at 7:58 am.
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