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re: New Olympus CEO fired after raising questions on $1.5B in hidden losses
Posted on 12/6/11 at 2:03 pm to kfizzle85
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
Posted on 12/6/11 at 2:31 pm to Tiger JJ
quote:
In order to conceal these losses, they either straight up paid off someone to keep them "off the books," (again, whoever "they" might be in this case, or why they might be demanding such, which sounds like blackmail) or paid someone to somehow re-inflate the value of the securities by cycling the fees back into the securities, which were subsequently taken back onto the balance sheet at some minor loss at revaluation. No matter how you slice it, there's a massive fraud involved that is beyond any accounting chicanery that the link is implicating. Its a fraud story, not an accounting story.
Translation: kfizzle for the m'fn BOOM.
/ownhorntooted
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