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Olympus scandal bigger, uglier

An extensive report in the New York Times states Olympus losses might amount to $5 billion, and alleges the scandal links the camera maker with Japanese crime organisation,  the Yakuza.

Whistelblower and ex-Olympus CEO Michael Woodford

The NYT report from last Friday can be read here.

An earlier report by the same journalist provides further background.

In further news on the Olympus scandal, Amateur Photographer UK has an interview with whistleblower and ex-CEO Micheal Woodward in which he says it’s the biggest financial story of the 21st century, and likens it to Enron in terms of the ramifications for Japan.

There has been speculation in the Japanese press that Olympus might get out of camera manufacturing to concentrate on its more profitable and larger medical instruments business. (A sidebar to this saga may well be to highlight the massive profits made by the tightly-controlled medical instruments industry.)

Mr Woodford says in the interview he would retain Olympus cameras if he were to rejoin the company.

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