From Japan's "Yomiuri Shimbun," the source said, Olympus Bartz currently is preparing for current and former executives of financial fraud scandals regarding litigation, claims more than 90 billion yen ($ 1.2 billion).
It is reported that Olympus claims the object contains more than 10 former and current company executives, including the current president Shuichi Takayama (Shuichi Takayama). Olympus former CEO Michael Wu Defu Germany (Michael Woodford) on Friday said he would not seek re-served as CEO of Olympus, but will face unfair dismissal on the Olympus Christie lawsuits.
Singapore Management University (Singapore Management University) Assistant Professor of Law Eugene Tan (Eugene Tan) expressed, "because all parties to secure their position and seek to protect legitimate interests, so part of Olympus Bartz ready to prosecute current and former executives is not surprising that in the next few weeks, we will see lawsuits and counterclaims related to persistent. "
Olympus shares on Friday on the Tokyo Stock Exchange closed at 1053 yen, up 2.1% over the previous day. Since being fired from Woodford, Olympus Bartz's stock fell more than 58%.
Olympus on Sunday the report submitted to the Tokyo Stock Exchange said the company will be on the Panel's recommendations on Monday to respond. But the spokesman refused to "Yomiuri Shimbun" and Kyodo news agency reported on Sunday made any average. "Yomiuri Shimbun" said Olympus will be released on Monday detailed findings.
According to sources, Olympus reason for several current and former executives filed a lawsuit to compensate these executives for failing to reign effectively perform their duties, which led to the accounts of the company's financial fraud, market value, loss of reputation. Reported a total of $ 1.7 billion loss over the years. The suit includes "part of the company executives could not find the company's current 13-year accounting cook the books, or did not question the high cost of acquisition" proceedings.
Kyodo News reported last week, the Tokyo Stock Exchange has started to maintain the listing status, Olympus launched coordinated, is expected to formally make a decision this month. However, the report pointed out that although the Olympus impact of financial fraud case is not small, but considering delisting its shareholders will be eligible for huge losses, Olympus Tokyo Stock Exchange will remain listed.
It is reported that Olympus claims the object contains more than 10 former and current company executives, including the current president Shuichi Takayama (Shuichi Takayama). Olympus former CEO Michael Wu Defu Germany (Michael Woodford) on Friday said he would not seek re-served as CEO of Olympus, but will face unfair dismissal on the Olympus Christie lawsuits.
Singapore Management University (Singapore Management University) Assistant Professor of Law Eugene Tan (Eugene Tan) expressed, "because all parties to secure their position and seek to protect legitimate interests, so part of Olympus Bartz ready to prosecute current and former executives is not surprising that in the next few weeks, we will see lawsuits and counterclaims related to persistent. "
Olympus shares on Friday on the Tokyo Stock Exchange closed at 1053 yen, up 2.1% over the previous day. Since being fired from Woodford, Olympus Bartz's stock fell more than 58%.
Olympus on Sunday the report submitted to the Tokyo Stock Exchange said the company will be on the Panel's recommendations on Monday to respond. But the spokesman refused to "Yomiuri Shimbun" and Kyodo news agency reported on Sunday made any average. "Yomiuri Shimbun" said Olympus will be released on Monday detailed findings.
According to sources, Olympus reason for several current and former executives filed a lawsuit to compensate these executives for failing to reign effectively perform their duties, which led to the accounts of the company's financial fraud, market value, loss of reputation. Reported a total of $ 1.7 billion loss over the years. The suit includes "part of the company executives could not find the company's current 13-year accounting cook the books, or did not question the high cost of acquisition" proceedings.
Kyodo News reported last week, the Tokyo Stock Exchange has started to maintain the listing status, Olympus launched coordinated, is expected to formally make a decision this month. However, the report pointed out that although the Olympus impact of financial fraud case is not small, but considering delisting its shareholders will be eligible for huge losses, Olympus Tokyo Stock Exchange will remain listed.
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