re: New Olympus CEO fired after raising questions on $1.5B in hidden losses

Posted on 11/18/11 at 10:00 am to kfizzle85

Posted by kfizzle85

Member since Dec 2005

22022 posts

Posted on 11/18/11 at 10:00 am to kfizzle85

Billions Lost by Olympus May Be Tied to Criminals [LINK]

quote:
Japanese officials say that at least $4.9 billion is unaccounted for in a financial scandal at Olympus and are investigating whether much of that money went to companies with links to organized crime.

quote:
Tobashi, translated loosely as “to blow away,” enables companies to hide losses on bad assets by selling those assets to other companies, only to buy them back later through payments, often disguised as advisory fees or other transactions, when market conditions or earnings improve.

Finally someone gives an actual explanation of what is supposed to be going on here from a financial standpoint (although I have yet to see any mention of them selling stuff first).

This post was edited on 11/18/11 at 10:07 am

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Posted by Tiger JJ

Member since Aug 2010

545 posts

Posted on 12/6/11 at 2:03 pm to kfizzle85

quote:
During a hastily held press conference, Tatsuo Kainaka (pictured above), a former judge and chairman of the panel was repeatedly unable to account for who was paid to assist in the cover-up, how much they were paid, or where the billions of yen used to cover up the losses had gone. But he did insist that no money had gone to “anti-social forces” (??????), a term used by Japanese law enforcement and regulatory agencies to refer to any group of criminals, including Japan’s yakuza. Kainaka was nervous at the press conference, stumbling over accounting terminology and unable to recall when the former CEO of Olympus, Toshiro Shimoyama, had actually left the company and whether or not he was implicated in the financial fraud.

Translation: it was definitely the yakuza.

LINK

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