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Feb 17

Japanese executives, bankers arrested over $1.7 billion fraud

By

Michael Woodford demonstrates oversight by Japan’s regulators
Daylife/Reuters Pictures used by permission

Four months after one of Japan’s biggest corporate scandals, police and prosecutors on have arrested seven men, including the former president of Olympus Corp and ex-bankers, over their role in a $1.7 billion accounting fraud at the medical equipment and camera maker.

Tokyo prosecutors arrested ex-President Tsuyoshi Kikukawa, former Executive Vice President Hisashi Mori and former auditor Hideo Yamada on suspicion of violating the Financial Instruments and Exchange Law, officials said.

Also arrested were former bankers Akio Nakagawa and Nobumasa Yokoo and two others suspected of helping hide huge investment losses through complex M&A deals…

The scandal was exposed in October by then-CEO Michael Woodford, who was sacked by the Olympus board after querying dubious M&A deals later found to have been used to conceal the losses. Woodford campaigned to win his job back, but gave up that bid last month, blaming cozy ties between management and big Japanese shareholders and citing the strain on his family.

“After going to hell and back, this is a day to remember,” Woodford said in an email on Thursday. The Briton, who was a rare foreign CEO in Japan, plans to write a book about his experiences uncovering the scandal…

Olympus in December filed five years’ worth of corrected financial statements plus overdue first-half results…

Looking forward to Woodford’s book. Sometimes global finance produces as much “innovative” writing as global politics.

[Source]

Bill Bard says:

See, they are all at it.

 

17 comments

  1. Maxwell

    ONE..POINT…SEVEN…BILLION???.THIS AMOUNTS TO HOLDING THEM UPSIDE DOWN, AND COUNTING THE SMALL CHANGE, THAT FALLS OUT OF THEIR POCKETS, ..WHILE THEY ARE BEING HELD UPSIDE.LOOKING LIKE THEY ARE BEING OWNED BY YOU, THEY ARE ACTUALLY REACHING UP AROUND, TO POKE YOU WITH A STICK, AND TRICK YOUR WALLET, WITH A TRICK.THIS IS A SMALL CHANGE THROW DOWN.. THEN.TO TAKE ONE FOR THE TEAM, TO PROTECT THEIR DREAM., ONLY CHANGE WILL COME, WHEN THE TRUTH, GETS BEHIND THE IGNORANT, AND THE DUMB…WHEN COURAGE OF CONVICTION,, TO STAND FOR WHAT,S RIGHT..TO DEFEND IT..WITH THE MIGHT..TRUTH, WILL REIGHN..WHEN TRUTH WILL RAIN., WITH A TRUTHFUL REIGHN.. .Peace Love Always…Maxwell

  2. Maxwell

    NOTICE THE “””SEE NO EVIL”” POSTURING…HE IS SPEAKING TO SOMEONE….IN REAL TIME…IN THE NOW…Peace Love Always..Maxwell

  3. Maxwell

    SO WE HAVE THE MONEY, A PALTRY SUM, IN THIS LINE OF WORK..WE HAVE A SEE NO EVIL POSTURING..ON A TIE MAN, WHO LOOKS LIKE HE WOULD NOT MISS THAT SMALL CHANGE, THAT JUST FELL OUT THEIR POCKETS..SEE NO EVIL, CAMERAS, AND MEDICAL EQUIPMENT..STARTING TO LOOK LIKE THE MONEY MISDIRECT, AND THE JUSTICE BEING SERVED CONCEPT, WHICH IS SO RARE THESE DAYS, AND YOU KNOW PEOPLE ARE BEGGING FOR IT…MONEY DEBT JUSTICE , I CAN,T FEED MY FAMILY ANY MORE AND , THERE SHOULD BE JUSTICE BEING SERVED UP , ON CHURCH COLLECTION PLATES ,..FOR MAKING EVERYONE LIFE A LIVING MONEY NIGHTMARE OF DEBT, DEATH, AND USURY DEGRADATION ,,,..SO WHEN IT,S PROVIDED, IT WORKS, MARVELOUSLY, AS A WONDERFUL DISTRACTION LEADING TO A MISDIRECT, AWAY FROM THE TRUE NATURE OF WHAT EVER, THIS IS ALL ABOUT..SOMETHING TO DO, WITH MEDICAL EQUIPMENT AND CAMERAS, AND A BUNCH OF INVESTORS.MONEY NO ONE ONE IS GOING TO MISS, EXCEPT THE REAL PEOPLE IT BELONGED TO..PROBABLY A SENIORS PENSION FUND, NOW HIDDEN LIKE A FRAT HOUSE PIRATE BOOTY, ON AN OFFSHORE ISLAND SOMEWHERE IN WALLA WALLA..WELL.WELL, JUST SOUTH OF YOU DON,T STAND A CHANCE…, …..Peace Love Always…Maxwell

  4. Maxwell

    NOW LET ME SEE WHAT ONE CAN SEE, IF IT IS THERE… LOOK DO…AT HIS HANDS…..HAND SIGNAL..SEEN IT IN A BOOK… NOTICE THE QUOTE.”””..DEMONSTRATES OVER…SIGHT., BY JAPAN REGULATORS.”””.. TIE,S.. EYES ARE CLOSED , IN SEE NO EVIL.POSTURING..SIGNAL., WITH TWO THUMBS..UP IN THE AIR…!!!! , SO WHO IS SEEING THIS…TO CARE…Peace Love Always…Maxwell

  5. Maxwell

    WHEN ONE HAS AN ARREST., THEN TO BE ARREST….ED ..WHAT IS, OR TRULY COULD BE TAKING PLACE……STOPPED???..A {R}ARE …RE STED….???,,,A…. R….RE…ST…ED..Peace love Always……

  6. Maxwell

    ..WOODFORD…LIES A DOOR, FOR A DOOR…SEE NO EVIL..MICROPHONE…////ARRESTED STOPPED …A…R…A…R.E…ST…ED.TWO THUMBS UP, IT,S A GO…..SEE NO EVIL…KEEP YOUR MOUTH SHUT..{J}X I-APAN..I AM A PAN AP…Peace Love Always…Maxwell

  7. Maxwell

    THIS IS ONLY ONE OF THE SMALL WHEELS, OF THE WHEELS, WITHIN THE WHEELS, OF INTERCONNECTEDNESS, OF ALL THINGS..THE ALL, OF THE ALL THAT IS…………………….MAYA……THE ..IS. WHAT IS IN A PHOTOGRAPH..WHAT IS IN A NAME., WHAT IS IN THE WORDS..THE …LIVING TRUTH, OF THE LIVING WILL, OF THE TRUE NOW TIME, OF PAST, PRESENT, AND FUTURE.., OF THE ALL…Peace love Always…Maxwell

  8. Maxwell

    IT IS WRONG TO DO WRONG …IT IS A GREATER WRONG, , TO KNOW, AND SEE WRONG ..AND DO NOTHING., BE IT WITHIN YOUR OWN SELF…OR AMONG THE MULTITUDES OF PEOPLES….Peace Love Always…Maxwell

  9. Maxwell

    IF THERE IS ERROR, OF THE SELF KINGDOM…HOW CAN ONE SEE TRUTH…IN THE WORLD, AND AMONG YOUR BROTHERS, AND SISTERS..TO THEN STAND AND SAY, YOU ARE MY BROTHERS, AND SISTERS.TO THEN BE ALL,,, OF LIKE HEART…AND MIND……IF EACH ONE, TO HIS OWN, IN GOING THEIR WAY., THROUGH THE WORLD, WALKED A PATH OF CORRECTNESS OF SELF…EACH ONE THEN TO BECOME PERFECT, IN THEIR WAYS…BECOMING TRUE TO TRUTH…WOULD NOT THE WHOLE WORLD, BE IN PEACE..WOULD NOT ALL THE ERROR, AND EVIL, FALL AWAY, BY THE ROADSIDE, ALONG THE ROAD, OF THE JOURNEY, TO THE CORRECTION OF THE SELF…Peace Love Always…Maxwell

  10. Maxwell

    IT IS THE EVIL, OF THIS WORLD, WHO THINKS THE LOW OF THE SUFFERING, IS FOR THE PLACING OF THOSE WHO DO NOT SUFFER……IT IS THE EVIL OF THIS WORLD, WHO PLACES THE LOW, AND DOWNTRODDEN, TO PLACE THEMSELVES AS , THE HIGH, AND THE MIGHTY., NOT TO REACH DOWN, A LIFTING CARRYING HAND..FOR THE GOOD OF THE ALL..THESE ONES, ARE LOWER THAN THE LOWEST OF THE DOWNTRODDEN., AND SUFFERING ..AND SHALL BE FOOTSTOOLS FOR THEM…MADE TO CARRY THE FOOD FROM THEIR RICH TABLES, TO THE DOWNTRODDEN, AND SUFFERING…..Peace Love Always…Maxwell

  11. Maxwell

    DO NOT STAND, ON SOMEONES HEAD, FOR YOUR HEAD, SHALL BE PLACED BENEATH THEIR FEET…Peace Love Always…Maxwell

  12. Maxwell

    FOR IT IS TO LIFT, AND CARRY ONE…. UP ON ONES SHOULDERS…PLACING YOUR SUCCESS, AS THEM…ABOVE YOU…THIS IS THE WAY OF TRUTH…Peace Love Always…Maxwell

  13. Maxwell

    …WOULD YOU LIKE A …PIGGY BACK, …PIGGY…P{HI}ERFECTED, I GO IN GOD, IS WHY….BACK…BE A SEE KING…Peace Love Always…Maxwell

  14. Maxwell

    MAN, AND WO_MAN..MANY ARE STILL STUCK IN MONKEY, AND APE SUITS, MANY MAN, STILL HAVE NOT MADE IT TO THEIR HUMAN SUITS… HUMAN SUITS…ARE RUNNING THE ZOO….MONKEY, APE, AND ADAMA APPLE BITING NONSENSE SPEAKING SIN MAN, IS IN CHARGE OF THE SELF PETTING ZOO..THIS IS THE DO ISBE…LIFT THESE ONES, SHUT DOWN THE SELF… PETTING ZOO, AND GET ALL THE ONES IN THE SELF PETTING ZOO..TO THEIR ZOO T SUITS….TIE THEIR LIES, WITH LIGHT…GET THEM TO THE REAL ZOO, WITH ALL THE BIG GAME ANIMALS, ARE IN Peace Love Always…Maxwell ROAR, AND LORD OVER THE JUNGLE…TIE THEIR LIES, GET EVERYONE…TO THEIR TRUTH HUMAN ALLSPARK SUIT…THEN BURY THE PETTING ZOO, OF THE SELF, PRESERVE, AND RESERVE THE ZOO KINGDOM, WHERE THE LIONS ROAR….AND GET TO THE TWINKLING OF……………………………………….STARS….Peace Love Always…Maxwell

  15. Maxwell

    IT IS MERCY…FOR THE KALI YUGA..VISHNU..DESTROYER OF THE NEGATIVE KARMA…SHALL TIE, ALL LIES…WITH LIGHT…LIFT UP , WHAT HAS BEEN MADE LOW.,…TO PULL IT ..UP ACROSS THE DIVING DIVIDING LINE….THIS, TO THAT…THAT, TO THIS…THE THEN…TO NOW…THE NOW., TO PURE IS………EVERYTHING, MADE NEW AGAIN…..Peace Love Always…Maxwell

  16. Maxwell

    VISHNUUNHSIV.. VICTORY/JOIN, I SON..FENCE/BOUNDARY..A NEW YOU…YOU NEW,,,,A BOUNDARY / FENCE… A SON, I JOIN/VICTORY…Peace Love Always…Maxwell

  17. Maxwell

    AH…THE PARTING…OF THE RED SEA, OF SEE…THOUGH AN ARMY OF THE DEAD, DOES …FOLLOW ME..THE DEAD, SHALL REMAIN DEAD….DROWNED IN THE SEE…WEAPONS, AND WINGS, AND CHARIOTS , AND ALL…..THE LIVING…OF THE EXILE… AS PROMISED….TO THE PROMISED LAND…Peace Love Always…Maxwell

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