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15 Nov 2011
PROBLEMS with accounting policies at Olympus were discussed as early as the 1990s, according to an investment banker quoted by Bloomberg.
The unnamed banker claims the company’s accounting was discussed at PaineWebber, the investment bank that set up Bermuda-based schemes for the camera maker.
Further reading
The funds have been at the heart of the debacle over finances at Olympus. Last week, Olympus admitted it has been hiding losses since the 1990s and using unusual M&A payments as part of the cover up.
The PaineWebber banker is quoted as saying that it was noted that Japanese accounting practices were “very strange” and alleges that two Japanese staff working at the investment bank were “taking advantage of some crazy Japanese accounting rules.”
The Olympus scandal went public last month when newly appointed chief executive Michael Woodford claimed he was forced to quit for blowing the whistle on unusually large advisor fees.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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