Michael Woodford-Unfair Dismissal-Settlement-Employer-Olympus

Woodford agrees settlement with ex-employer Olympus

LONDON (Reuters) - Michael Woodford, the ousted Olympus chief executive , has reached an out-of-court settlement with his former Japanese employer for unfair dismissal on grounds of whistleblowing and uncovering one Japan's biggest corporate frauds. The deal on Tuesday came after a delay to an employment hearing in London that was set to throw an unwanted spotlight back on an $1.7 billion accounting fraud that cost the camera-to-endoscope maker its board and reputation. The terms of the settlement were not immediately disclosed, but the payout was expected to run into the millions of pounds. ... read more..

source:http://yhoo.it/KDAKaJ

Medical Equipment-Accounting Fraud-Audit Firms-Olympus

Panel clears audit firms of Olympus scandal blame

TOKYO (Reuters) - An unofficial panel of experts cleared global accounting groups KPMG and Ernst & Young of any responsibility for a $1.7 billion accounting fraud at Japan's Olympus Corp, though the role of the firms remained under official review. The scandal, one of corporate Japan's worst, had raised questions over the role of the two audit firms, which signed off on the accounts of the maker of medical equipment and cameras before the 13-year fraud finally surfaced in October. ... read more..

source:http://yhoo.it/zdApX2

Olympus Tells Lenders Cash Crunch-Sumitomo Mitsui Banking Corp-Cash And Deposits

Olympus tells lenders cash crunch looms: report

TOKYO (Reuters) - Japan's disgraced Olympus Corp, whose balance sheet took a massive hit after it admitted to a long-running accounting cover-up, told lenders its cash and deposits could run out in 2015, a newspaper reported on Saturday. Senior officials from the company met lenders on Friday, telling them they would come up with a new business plan in early May that could include equity tie-ups to bolster its balance sheet. The company's main lender, Sumitomo Mitsui Banking Corp, agreed at the meeting to continue its support for the company, a source told Reuters. ... read more..

source:http://yhoo.it/tVrBoH