Printed from http://www.electronista.com

Olympus to face fine, stay on stock market

updated 02:05 am EST, Sat January 21, 2012

Olympus barely avoids stock disaster post-scandal

Olympus on Friday narrowly avoided additional threats of possible delisting from the Tokyo Stock Exchange. Officials at the trading house said they would let Olympus stay after the $1.7 billion concealment scandal but would make it pay a relatively mild fine of 10 million yen, or about $129,800. The light penalty was based on the belief that just a handful of staffers had been responsible for hiding Olympus' losses and that the core of the company was safe.

The camera designer wasn't entirely cleared, as it would stay on a "security on alert" list and have to report improvements in governance to the TSE over the next three years.

Olympus accepted that there was a "strong need" to improve its internal workings.

It remains in trouble with both Japanese police and FBI investigators that could press criminal charges. Olympus itself is suing auditors for $13 million in damages, while former CEO Michael Woodford is suing for wrongful dismissal after since-resigned members of the board had him fired to cover up their actions. [via The New York Times]



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Advertisement

Recent Reviews

Seagate Wireless

It seems like no matter how much internal storage is included today's mobile devices, we, as users, will always find a way to fill the ...

Lenovo Yoga Tablet 2 (Android, 10.1-inch)

Lenovo is building a bigger name for itself year after year, including its devices expanding beyond desktop computers. The company's l ...

Brother HL-L8250CDN Color Laser Printer

When it comes to selecting a printer, the process is not exactly something most people put a lot of thought into. Printers are often t ...

Advertisement

toggle

Most Commented

 
toggle

Popular News