{"id":13411,"date":"2012-04-11T08:50:00","date_gmt":"2012-04-11T07:50:00","guid":{"rendered":"http:\/\/amateurphotographer.co.uk\/uncategorized\/under-fire-olympus-defends-new-finance-chief-13411"},"modified":"2014-09-02T14:36:39","modified_gmt":"2014-09-02T13:36:39","slug":"under-fire-olympus-defends-new-finance-chief","status":"publish","type":"post","link":"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/under-fire-olympus-defends-new-finance-chief\/","title":{"rendered":"Under-fire Olympus defends new finance chief"},"content":{"rendered":"

\"Olympus\"<\/img>Olympus has vigorously defended its new head of finance, Akihiro Nambu, despite admitting he may be the subject of a UK fraud investigation linked to the \u00a31.1 billion accounting scandal.<\/strong><\/p>\n

However, the Tokyo-based company has attempted to play down press reports that Nambu was ?promoted? to the role, a position that took effect on 1 April.<\/p>\n

A spokesperson confirmed to Amateur Photographer<\/em> (AP) that Nambu was a non-executive director of the British medical equipment firm Gyrus, the acquisition of which lies at the centre of the alleged cover-up. <\/p>\n

Former Olympus CEO Michael Woodford was fired after questioning boardroom colleagues over the high ($687m) fee paid to financial advisers in relation to the Gyrus takeover in 2008.<\/p>\n

Reuters was last week among news organisations reporting that Nambu was promoted ?just months after some of [Olympus’s] largest shareholders called on him to resign over the $1.7 billion accounting scandal?.<\/p>\n

Olympus Tokyo has since insisted that Nambu?s new role was not a step up. ?The personnel change regarding Mr Nambu is part of a company-wide personnel realignment,? an Olympus spokesperson told AP. <\/p>\n

?Furthermore, in his previous position, he was a division manager of corporate planning and he is still in a division manager-level position, so it is not particularly considered to be a promotion.?<\/p>\n

The spokesperson added: ?Regarding [Nambu?s] involvement in the series of scandals, we would like to refrain from commenting because of the matter?s possible connection with ongoing investigations in the UK.?<\/p>\n

The UK?s Serious Fraud Office, which is conducting a probe into the cover-up, declined to comment on the matter when approached by AP. <\/p>\n

Nambu has, in a previous role, provided comments<\/a> to the magazine in response to the financial drama that has engulfed the camera giant since Woodford was fired six months ago.<\/p>\n

Ten days after Woodford blew the whistle, Nambu hit out at a press report which suggested that accountants KPMG had cancelled its auditing contract with Gyrus over the latter’s alleged relationship with a firm in the Cayman Islands. <\/p>\n

Olympus claimed it had appointed new auditors, Ernst & Young, because KPMG?s contract had expired.<\/p>\n

Meanwhile, Olympus has today urged shareholders to ignore calls for them to reject the firm?s revised accounts and newly proposed president Hiroyuki Sasa, and nominee chairman Yasuyuki Kimoto.<\/p>\n

Shareholders are due to vote on the appointments of Sasa and Kimoto at a meeting in Tokyo next week.<\/p>\n

But ISS, a leading shareholder advisory firm, claims Sasa does not have the necessary experience to reform Olympus and that Kimoto?s links with Olympus’s main bank, Sumitomo Mitsui Banking Corp, may present a conflict of interest.<\/p>\n

ISS yesterday urged Olympus investors to vote against the accounts, claiming it may affect any future legal action they take against the company.<\/p>\n

In response, Olympus Tokyo said in a statement: ?We have carefully examined ISS?s reasons for recommending voting against these proposals, but find the opinions contained in these recommendations show some biases.?<\/p>\n","protected":false},"excerpt":{"rendered":"

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