Olympus meets deadline, remains on Tokyo Stock Exchange
updated 10:50 am EST, Wed December 14, 2011
Olympus meets deadline, stays on the TSE for now
Olympus has successfully met the December 14 deadline of filing financial results and relisting the last five years of earnings. The company earlier delayed these numbers after admitting to covering up losses. It had been cleared of immediate criminal claims but risked being delisted from the Tokyo Stock Exchange. While exonerated from claims of a yakuza link, Olympys was found o have hid nearly $1.7 billion through advisor fees and takeovers.
The company continues to undergo investigations by law enforcement agencies in Japan, the UK, and the US, and may still be delisted if a review by the TSE determines that its practices were too serious to ignore. Olympus claims the deception was due to a few greedy senior executives, some of whom recently resigned.
Much of the trouble for Olympus emerged when it fired its new CEO in what's now known to have been an attempt to cover up the earlier mismanagement. While he hasn't been invited back, forced-out leader Michael Woodford has called for even more resignations in what would likely result in a major restructuring of the entire company.
