Olympus in Japan, Under Investigation
After the CEO of the Olympus company had been kicked off in October, Michael Woodford revealed the scandal that the company has engaged. This resulted to the raid on Wednesday, of the offices of Olympus. The raiding team was composed of the investigating team from the prosecutor’s office, Tokyo Metropolitan Police and Japanese Securities and Exchange Surveillance Commission.
According to the revelation of Mr. Woodford, the company was doing for decades the cover-up of the $1.7 billion. With this, authorities are investigating of possible criminal activities within the company.
Olympus is the maker of camera and medical apparatus. It’s stock value fell by at least 70 percent because of the scandal.
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