Fact check
Is it true: Olympus Corporation accounting fraud (Oct 2011)?
Yes — this is confirmed.
The December 2011 independent committee report confirmed a ¥135 billion ($1.7 billion) tobashi scheme concealing investment losses dating to the 1990s bubble, engineered through fabricated M&A advisory fees. Kikukawa, Mori, and Yamada were convicted by the Tokyo District Court in March 2013. Olympus paid a record ¥700 million TSE fine. Michael Woodford's firing for asking questions was the proximate trigger for exposure.
The claim
In October 2011, newly appointed Olympus CEO Michael Woodford was fired after questioning $1.7 billion in advisory fees paid on the Gyrus acquisition and three smaller deals. An independent committee
Key evidence
Woodford's firing for questioning advisory fees — 14 October 2011
Olympus's Post-Scandal Survival Contradicts a Fully Coordinated Cover-Up
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