{"id":7799,"date":"2013-11-07T10:09:00","date_gmt":"2013-11-07T10:09:00","guid":{"rendered":"http:\/\/amateurphotographer.co.uk\/uncategorized\/journal-that-exposed-olympus-scandal-axes-english-spin-off-7799"},"modified":"2014-09-02T12:56:12","modified_gmt":"2014-09-02T11:56:12","slug":"journal-that-exposed-olympus-scandal-axes-english-spin-off","status":"publish","type":"post","link":"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/journal-that-exposed-olympus-scandal-axes-english-spin-off\/","title":{"rendered":"Journal that exposed Olympus scandal axes English spin-off"},"content":{"rendered":"

Excerpt Facta<\/em> was an English language publication set up after its Japanese parent, Facta<\/em>, broke news of the \u00a31.1 billion scandal<\/a> three months before former Olympus CEO Michael Woodford blew the whistle and contacted the world’s media.<\/p>\n

Woodford first learned of financial irregularities after being alerted to the contents of the Japanese article in July 2011. <\/p>\n

But, as he did not speak Japanese, he had to turn to a businessman he knew to help him translate the story into English. <\/p>\n

In the following weeks, Woodford wrote six letters to boardroom colleagues, warning them of the potential implications.<\/p>\n

And on 14 October 2011, after a boardroom bust-up, the whistleblower was fired and fled Japan on the first plane out of Tokyo<\/a>.<\/p>\n

Olympus was found to have hidden massive investment losses by disguising them in the company’s accounts.<\/p>\n

After his dismissal, Woodford blamed Japan’s corporate culture and much of the \u2018self-censoring’ Japanese media for an apparent reluctance to follow-up Facta<\/em>‘s story. <\/p>\n

Former Olympus chairman Tsuyoshi Kikukawa, along with former executive vice-president Hisashi Mori and Hideo Yamada, a former Olympus auditor, were given suspended jail sentences<\/a>.<\/p>\n

Excerpt Facta<\/em> delivered selected articles in English, on subscription. However, its September issue was the last and its support desk shut down on 31 October.<\/p>\n

A message<\/a> posted on the Facta<\/em> website reads: \u2018Except Facta<\/em> started on a trial basis after our scoop that revealed the Olympus scandal that symbolized the two lost decades, because foreign investors and media needed the most recent information published by the Japanese version of Facta<\/em> magazine.’<\/p>\n

It adds: \u2018Over the past two years, it has become difficult for us to cover and fulfil our foreign subscribers’ needs in the current style of Excerpt Facta<\/em> because their needs have diversified.’<\/p>\n","protected":false},"excerpt":{"rendered":"

Facta, the investigative Japanese financial magazine that first exposed wrongdoing at Olympus, has shut down an English version aimed at investors worldwide after the accounting scandal emerged two years ago.<\/p>\n","protected":false},"author":324,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39],"tags":[],"product-category":[],"class_list":["post-7799","post","type-post","status-publish","format-standard","hentry","category-photo-news"],"yoast_head":"\nJournal that exposed Olympus scandal axes English spin-off - Amateur Photographer<\/title>\n<meta name=\"description\" content=\"Facta, the investigative Japanese financial magazine that first exposed wrongdoing at Olympus, has shut down an English version aimed at investors worldwide after the accounting scandal emerged two years ago.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/journal-that-exposed-olympus-scandal-axes-english-spin-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Journal that exposed Olympus scandal axes English spin-off\" \/>\n<meta property=\"og:description\" content=\"Facta, the investigative Japanese financial magazine that first exposed wrongdoing at Olympus, has shut down an English version aimed at investors worldwide after the accounting scandal emerged two years ago.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/journal-that-exposed-olympus-scandal-axes-english-spin-off\/\" \/>\n<meta property=\"og:site_name\" content=\"Amateur Photographer\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/Amateur.photographer.magazine\" \/>\n<meta property=\"article:published_time\" content=\"2013-11-07T10:09:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-09-02T11:56:12+00:00\" \/>\n<meta name=\"author\" content=\"Megan Graye\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AP_Magazine\" \/>\n<meta name=\"twitter:site\" content=\"@AP_Magazine\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Megan Graye\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/journal-that-exposed-olympus-scandal-axes-english-spin-off\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/journal-that-exposed-olympus-scandal-axes-english-spin-off\/\"},\"author\":{\"name\":\"Megan Graye\",\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/#\/schema\/person\/09a37c0ec6db00d983eb2045e99ff2f1\"},\"headline\":\"Journal that exposed Olympus scandal axes English spin-off\",\"datePublished\":\"2013-11-07T10:09:00+00:00\",\"dateModified\":\"2014-09-02T11:56:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/journal-that-exposed-olympus-scandal-axes-english-spin-off\/\"},\"wordCount\":295,\"commentCount\":1,\"articleSection\":[\"Latest news\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/journal-that-exposed-olympus-scandal-axes-english-spin-off\/\",\"url\":\"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/journal-that-exposed-olympus-scandal-axes-english-spin-off\/\",\"name\":\"Journal that exposed Olympus scandal axes English spin-off - 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