Exposure: Inside the Olympus Scandal: How I Went from CEO to Whistleblower (2012) by Woodford Michael

Author:Woodford, Michael [Woodford, Michael]
Language: eng
Format: epub, mobi
ISBN: 9781101606339
Publisher: Portfolio Hardcover
Published: 2012-11-26T15:00:00+00:00

Baillie Gifford is extremely concerned by the recent unexpected management changes and allegations of financial impropriety at Olympus. Baillie Gifford encourages the company to make public without delay the composition of the body that will conduct the independent third party review into Olympus’ M&A activity and payment of advisory fees, and to ensure the full and transparent disclosure of the findings of this review.

In retrospect, Olympus’s greatest mistake was believing it could manage the scandal according to the Alice in Wonderland rules of Japan, where you can bow deeply, say sorry, and the problem goes away. This time it was different, with the world’s media, investors and overseas law-enforcement agencies all wanting the truth. It was now a story where the facts would dictate the ending, not the language of obfuscation. I knew my role was to act as a lightning rod to draw attention to the scandal, and not let the world get bored and move on to another story.

But the world was not moving on. In fact it became ever more absorbed by the Olympus scandal and the insight it gave into the strange workings of Japan’s capital markets. That day the problems piled up for the beleaguered Kikukawa and his chums when Goldman Sachs joined Nomura and JP Morgan Chase in suspending its rating and analysis on Olympus, saying the ‘adequacy’ of the company’s accounting practices regarding past acquisitions had ‘become unclear’. Effectively this meant they had little idea what had been going on behind the scenes and no longer felt able to offer any opinion about the integrity of the company’s accounts. They, like everyone else, were in the dark – and they didn’t like it.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.