Feeds

Scandal-hit Olympus plans to axe staff, flog off stake – reports

Japanese newspapers say firm could lay off 2,500 staff

Gartner critical capabilities for enterprise endpoint backup

Japan's Olympus is planning to cut 2,500 staff and sell an equity stake to either Sony or Panasonic, in a bid to get out from under its $1.7bn fraud scandal, local media reported.

Olympus is still reeling from the discovery of accounting fraud, outed by then-CEO Michael Woodford. Brit Woodford claimed he was sacked when he tried to get to the bottom of some irregularities on Olympus' books, eventually leading to the exposure of massive fraud at the company.

Once the truth was out, Olympus had to correct years of its accounts, leaving it much worse off than it had said it was.

Most of the jobs will be going from the firm's camera unit and overseas factories, Reuters reported the Nikkei as saying.

The company is also planning to sell a piece of itself off to get some cash back into its coffers. The Asahi newspaper said that Sony and Panasonic were the leading possibilities to scoop up a stake of 10 per cent or more in Olympus for hundreds of millions of dollars.

The papers said that the staff cuts would be announced at the start of June and a decision on the stake sale by the end of June.

Olympus released a statement on its website that didn't confirm the reports, but didn't exactly deny them either.

"Certain sections of the media have reported today regarding the capital alliance and medium term plan of Olympus Corporation, which is not a fact that it was decided by the company (sic)," the statement said.

"The company will immediately disclose any further important information when it comes to light." ®

Gartner critical capabilities for enterprise endpoint backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?