{"id":14049,"date":"2012-02-06T09:00:00","date_gmt":"2012-02-06T09:00:00","guid":{"rendered":"http:\/\/amateurphotographer.co.uk\/uncategorized\/olympus-affair-fraud-probe-ongoing-says-sfo-14049"},"modified":"2014-09-02T14:46:02","modified_gmt":"2014-09-02T13:46:02","slug":"olympus-affair-fraud-probe-ongoing-says-sfo","status":"publish","type":"post","link":"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/olympus-affair-fraud-probe-ongoing-says-sfo\/","title":{"rendered":"Olympus affair: Fraud probe ongoing, says SFO"},"content":{"rendered":"

Britain?s Serious Fraud Office (SFO) says it is continuing to liaise with overseas investigators, as Olympus scandal whistleblower Michael Woodford predicts ?further revelations?.<\/strong><\/p>\n

NEWS UPDATE: OLYMPUS RECEIVES WOODFORD LAWSUIT<\/a><\/p>\n

Woodford (pictured), who was sensationally sacked after exposing a multi-million-dollar accounting racket, reported Olympus to the SFO last year.<\/p>\n

Asked whether any further discussions have taken place with Woodford since, a spokesperson for the SFO told Amateur Photographer<\/em> (AP) that it is ?liaising with other organisations and international colleagues?.<\/p>\n

Last month Woodford gave up his campaign to return as Olympus CEO, citing the toll that the \u00a31.1 billion cover-up had taken on his family, and the lack of support from large Japanese investors.<\/p>\n

Meanwhile, Woodford yesterday issued a statement in which he forecast more revelations to come at the camera maker.<\/p>\n

In an email to AP, Woodford confirmed that he plans to attend an Extraordinary Shareholders Meeting in Japan on 20 April.<\/p>\n

He urged Olympus to hire a ?suitably large venue to allow all shareholders, small, large, domestic and from overseas, to have a forum in which to speak out openly as they feel fit?.<\/p>\n

Woodford added: ?This will be the first formal opportunity for all the company?s shareholders to question and hold its management to account.<\/p>\n

?Of course, investigations into the scandal are ongoing on three continents and, therefore, we are still not in a position to know the full extent of what took place, but before April?s EGM, I believe it is highly likely there will be further revelations and all interested parties should continue to scrutinise events.?<\/p>\n

In an interview with AP<\/a> last year Woodford said he believed the Olympus financial scandal goes much deeper than anyone anticipates.<\/p>\n

‘It’s probably the biggest financial story of the 21st century, but it’s [about] where it goes… It’s not just about the company it’s about Japan,’ said Woodford in the hour-long interview. <\/p>\n

‘A lot of people’s lives are affected. The actions of a small group of people have taken a corporation to this point.’ <\/p>\n

Since the controversy blew-up there has been intense speculation that Olympus will sell off its camera business – retaining the much larger, more profitable, medical equipment arm. <\/p>\n

In recent weeks, reports of an upcoming strategic alliance have intensified – a move Woodford has said in the past he would oppose.<\/p>\n

Fujifilm is among the brands reported to have made a formal proposal, but Olympus has repeatedly refused to either confirm or deny such suggestions.<\/p>\n

Olympus Japan spokesperson Ayako Nagami told AP: ?Nothing has been decided yet and Olympus is still seeking for the best way to rebuild its financial status.?<\/p>\n

Olympus today declined to comment on Woodford?s expectation of ?further revelations?.<\/p>\n

Nagami added: ?We cannot comment on that since we do not know the details?.<\/p>\n

The scandal forced the resignation of chairman Tsuyoshi Kikukawa – quickly followed by the dismissal of vice-president Hisashi Mori after Japanese investigators discovered Olympus had disguised losses on its investment activities with funds from other sources, since the 1990s.<\/p>\n

In his statement yesterday, Woodford said he has ?strong opinions? on ‘whether the current directors plan to put themselves forward again on a new slate and also the names and backgrounds of new candidates?.<\/p>\n

In December, Japanese prosecutors raided Olympus?s Tokyo HQ<\/a> as part of ongoing probes, which also involve the FBI in the United States.<\/p>\n

[Picture: C Cheesman]<\/p>\n

BACKGROUND ARTICLES<\/p>\n

AP INTERVIEW WITH FIRED CEO MICHAEL WOODFORD<\/a><\/p>\n

Olympus HQ raided by prosecutors<\/a><\/p>\n

Olympus denies camera division shake-up threat<\/a><\/p>\n

Sacked Olympus boss outlines key to future<\/a><\/p>\n

Plot thickens as Olympus fires vice president<\/a><\/p>\n

We have lost customers’ trust, says Olympus president<\/a><\/p>\n

Olympus is a good business, says sacked CEO<\/a><\/p>\n

Olympus crisis: Japan PM enters fray<\/a><\/p>\n

Olympus not aware of ‘FBI’ probe<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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