Olympus: the camera never lies...

Wednesday, November 09, 2011 | 0 comments »


Both cloudy

Maybe the move from analogue to digital has not been so smooth after all.

One might think there could be no doubt someone, somewhere in Olympus will serve a stretch for this. However, with the former President Toshiro Shimoyama (1984 to 1993) reportedly claiming that:

"he had no memory of any loss-hiding scheme and was not closely involved in finance at the time"
there seem to be few signs of imminent seppuku. On the other hand, recent executives - younger, sharper and fully digitised on the memory front - probably do recall paying an advisory fee of $687m. It was a little over the odds. $665m over the odds according to Reuters.

There's lots of explaining to do (can't help wonder about the auditors either) but regulatory zealots might bear in mind the long precedent pre-dating even Thurlow that:

"Corporations have neither bodies to be punished, nor souls to be condemned; they therefore do as they like."

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