Olympus Corp head Tsuyoshi Kikukawa resigned on Wednesday after a scandal over hefty advisory fees wiped out half of the 92-year-old firm’s market value while his successor stuck with the company’s line that it had done nothing wrong.
Sources told Reuters that Japan’s securities watchdog was looking into past Olympus takeover deals, focusing on whether it has properly disclosed relevant information.
Olympus fired its British chief executive, Michael Woodford, on Oct. 14, just two weeks after his appointment as CEO, saying he failed to understand the company’s management style and Japanese culture. Kikukawa then took over Woodford’s role.
Read the rest of the story: WRAPUP 5-Olympus chairman quits; Japan watchdog probes firm.