The Olympus Scandal: Poster Child for Corporate Fraud in Japan | Inside the Storm | FD Finance
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Rise and Fall of Olympus | FD Finance
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Olympus made its mark in the world of photography in the 1970s. The company continued innovating with breakthrough products right till the 2000s. But then, an auditing scandal came to light, causing an internal crisis. Inside the Storm: Back from the Brink reveals how Olympus overcame the odds.
Big businesses rise and fall every day. Inside the Storm: Back from the Brink, is a documentary series that follows the lifecycle of four of the biggest industry players, revealing intimate details on how these major companies were run, and their survival techniques when they nearly fell into the depths. Supplemented by interviews from industry players and professionals from around the world, this series documents how these business titans survived despite the odds and turbulence hitting them where it matters. Marvel: breaking into the film industry saved the comics publishing giant; Olympus: Japan's largest optical company overcame one of the largest accounting scandal; Philips: innovating out-of-the-box ensured the survival of this technology giant; and Nissan: the iconic Japanese car brand saved by one of the most charismatic and loved CEOs in Asia.
Watch insider testaments to the dealings that transformed industries and prevented these giants from the fall of their businesses.
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Пікірлер: 234
Olympus microscopes really are the best in the world. Even twenty year old instruments are highly sought after and command high prices on rhe secondary market because of their incredible craftsmanship. I have an old model that I paid.$4000 for four years ago and it is a wonderful tool.
@ernestocruzreyes1954
16 күн бұрын
Completamente de acuerdo, trabajé con un microscopio Olymus durante 15 años. Una maravilla de equipo.
The poster child for fraud in Japan is the Nissan conglomerate.
@rohp1283
24 күн бұрын
@Enonymouse_ Carlos Ghosn is a hero and a legend. The Japanese criminal justice system is riddled with serious flaws which would not pass the lithium test in any democracy. If he was found innocent - impossible because trials here are just to rubber stamp the police decision that one is guilty, or guilty ( as a default position because everyone before a jpn criminal court is found guilty, we would never know for sure, because it is Japan.
@roahnosh
24 күн бұрын
I thought Blue Archive and Genshin were Japan's poster children 😄
@TrimeshSZ
22 күн бұрын
@@rohp1283 What about his settlement with the US SEC and the investigations by both Renault and the French police involving exactly the same sort of highly questionable accounting that he was accused of at Nissan? Is that the "corrupt Japanese justice system" too? Or the French arrest warrant for him involving "R&D funding" funneled through an Omani company that actually ended up paying for - amongst other things a 37m yacht that Ghosn was using. I suspect you are being way too uncritical of Ghosn's claims here.
@rohp1283
22 күн бұрын
@@TrimeshSZ Japan is behind those warrants.
@rohp1283
22 күн бұрын
@TrimeshSZ That's why one should criticise the Japanese with caution. They do the wrong, shamelessly deny it, go to great lenghts to cover it up,including using financial and political muscle; and trump.of charges against whistle blowers.Lastly they resort to holier than thouism . Crooks who act like ice cream won't melt in their mouths. Scary.
I have had very positive experience visiting and working with Japanese companies but early on learned that the business culture is very different. Several years ago a friend (American) was hired to join the Manhattan office of one of the largest Japanese trading companies in the world. Not long after, he decided to start learning Japanese at a local college. When management heard about it, he was told in no uncertain terms to drop the course.
@rybaluc
27 күн бұрын
Company have no power over what is going on in personal life.
@johnwright9372
27 күн бұрын
They didn't want him to know what they were doing or saying.
@Sgt_Glory
24 күн бұрын
He should have done the course anyways and not told them.
@gavinjenkins899
23 күн бұрын
@@rybaluc Cite the labor law or other law in Japan that protects this freedom. If none, and if for sake of argument, if it's in your contract, they do have power.
@rybaluc
23 күн бұрын
@@gavinjenkins899 Cite law that states i am wrong.
Japan’s mindset hasn’t changed much since the early 20th century
@numbersix8919
23 күн бұрын
They're working on increasing homelessness and incarceration, infant mortality and unemployment, but progress remains agonizingly slow.
hace poco vi a un tiktoker extranjero que vive en japón que capto con su teléfono cosas turbias en los negocios de barras de snacks, karaokes y host en japón y medio hablo de ello y la yakuza fue a tirarle su puerta y golpearlo. Decidió no denunciar porque sabe que esa gente es la misma que la policía, como en todos lados. Japón esta casi tan mal como cualquier otro lado, solo que no se habla de ello ni se denuncia.
@davidamarat
17 күн бұрын
Así es y por lo mismo, por ser tan hipócritas y hacer como que no pasa nada se está cayendo ese país. Una pena. Es una cultura muy bella que carga todavía muchos lastres nocivos.
I was an Olympus guy. Their glass was excellent. And if you wanted to do wildlife photography or any zoo photography Olympus was the only rational choice. Therefore third system radically extended the range of standard lenses and you could use nearly any lens Olympus Canon or Nikon ever made on them.
Yo viví estos mismos escenarios en dos conpañias españolas. Desprecio hacia la honestidad, mafias corporativas, presiones personales y familiares. Afortunadamente pude salir de estas relaciones toxicas y centrar mi vida en los aspectos de familia adecuados. Pero no olvido... Hacen daño a la gente con principios, hacen daño a la confianza corporativa. Nunca confiés en ninguna corporación.... Te sacaran el higado y lo que haga falta, a ti y a tu familia. Pensaba que solo me pasaba a mi, pero veo que es una solucion demasiado extensa en el modo empresarial. Actualmente vivo tranquilo, cultivo mis propias verduras, tengo a mis seres queridos proximos. Mis problemas con el alcohol y somniferos trato de mantenerlos controlados, aunque es el producto de mi propia creencia en este puto sistema productivo de explotación a cualquier medio. Saludos cordiales
@luiscesarplataserranoplata7181
6 күн бұрын
Animo bro. Gracias x tu experiencia. Nos. Sirve.. aquí en México está pasando y el seudocapitalistas están explotando. Nuestros recursos.
Este caso es exactamente lo que veo en el Japón de hoy en día. Es triste ver cómo se maneja el sistema y lo más lamentable es el resultado. La economía Japonesa está en grave crisis y no se ven signos de solución a corto plazo.
¿¿¿ POR QUE ESTE DOCUMENTAL NO TIENE MÁS VISUALIZACIONES Y MÁS LIKES ??? NO TODOS LOS ASPECTOS O CARACTERISTICAS DE LA CULTURA JAPONESA SON POSITIVOS . EN MI PAÍS CHILE SIEMPRE HAN SUCEDIDO CASOS DE CORRUPCIÓN , COLUSIÓN , IRREGULARIDADES E ILEGALIDADES POR PARTE DE GRANDES EMPRESAS PRIVADAS E INCLUSO DE LAS MISMAS INSTITUCIONES DEL ESTADO POR CAUSA DE FUNCIONARIOS CORRUPTOS . AUNQUE EN OTROS PAISES DE LA REGIÓN LA SITUACIÓN ES MUCHO PEOR , PERO EN TODOS LOS CASOS ES UNA CONSTANTE .
@albertogotariodelmonte18
19 күн бұрын
Sin sensacionalismo la corrupción forma parte del mundo empresarial alguien recuerda la película wallstret además es la visión occidental de todo lo sucedido bueno. Creo por eso no se contratan extranjeros para estos puestos en japon
@SergioNunez-dq9io
3 күн бұрын
Desgraciadamente, por qué la mayoría de las personas prefieren ver videos de gatos..! U otras estupideces..!🤔😐
My biggest question, has Olympus completely eliminated the Yakuza from the company? Because those big men with tattoos trying to intimidate Woodford are still out there. What if Woodford ended up headless? That could've happened. The was more than a $1B missing. That's more than enough reason for the company to get rid of their whistleblower. It's currently happening with Boeing.
@JohnDoryPsh
Ай бұрын
Japan has not eliminated them. How would Olympus have managed that?
@Sgt_Glory
24 күн бұрын
@@JohnDoryPsh There's the answer.
@DaveEtchells
24 күн бұрын
The Yakuza are still a shadowy presence in Japan, but have been fading for decades, as older members age out or die off and recruitment is way down. As to Olympus, I think the enormous public attention and upheaval would have flushed them out. - Light being the best disinfectant, etc, etc.
Him being made president should have been the 1st red flag.
@fantabuloussnuffaluffagus
27 күн бұрын
Ask Carlos Ghosn about that.
@elbello1975
27 күн бұрын
Who is that?@@fantabuloussnuffaluffagus
@fantabuloussnuffaluffagus
27 күн бұрын
@@elbello1975 Fall guy/CEO at Nissan.
@PatHaskell
27 күн бұрын
Just like Biden, who in the heck made the decision to push him to the front of the Democratic party and WHY???
@cynthiaramirez1379
26 күн бұрын
Definitivamente la señal clave, fue esa.
Thats one brave man.
Welcome to the real Japan!
@noelvictorjacoramos979
24 күн бұрын
Jajajajajaj jajaja
The quick recovery of Olympus is down to them making good products for so long and the dependent industries not having any real alternatives to turn to to replace them.
@cuauhtemoc8350
28 күн бұрын
Just like with individuals. Good reputation built over years of good work gives you some protection from your own mistakes.
Jan 2021 Olympus sold "divested" its camera company to JIP Japan Industrial Partners, which was renamed OMDS OM Digital Solutions. You can already see the new logo label on the camera 47:12 Interesting back in 2020 and 2021 it was very unclear why Olympus was dumping their camera company and never mentioned the financial scandal and company restructuring. Even this story fails to discuss this and pretends Olympus Camera is still a part of Olympus.
@charlesreid9337
24 күн бұрын
It isn't really Olympus camera anymore. You cannot simply sell cameras.. you have to sell an entire ecosystem around them unless you are a tiny extremely specialized company like Leica. Olympus was one of the big three. Om cameras now are not even in the same league. And it is a shame you could not beat Olympus for wildlife
@DaveEtchells
24 күн бұрын
The scandal was actually old news by the point that they spun off the camera division, it had been 8 years at that point. It might have contributed to the financial pinch they were feeling, but the camera division had been losing money for quite a while at that point.
@numbersix8919
23 күн бұрын
@DaveEtchells That's right. Smartphone cameras have decimated compact camera systems. Maybe the pendulum at Olympus swung too far the other way! Everything about their cameras was outstanding, but it was Olympus lenses that really let you get the most out of them.
@DaveEtchells
23 күн бұрын
@@numbersix8919 Absolutely, Olympus (now OMDS) glass is absolutely first-rate. Their 12-100mm f/4 in particular is my favorite lens of all time, by any manufacturer. It’s a “vacation lens” that’s as sharp as many primes, and *very* well weather-sealed. (I also never owned one personally, but their 300mm f/4 was just an unbelievable optic, with outstanding image stabilization and weather sealing as well. My main camera is an E-M5 MkIII, with an original E-M1 as backup. I’d love to have an OM-1, but can’t afford it based on my retirement income and the limited amount of photography I do these days.)
@daCubanaqt
17 күн бұрын
The OM-D series was introduced in 2012, well before 2021. JIP is just continuing the line.
now lets talk about the US govt and where all the money is going...
@dalenulik5622
16 күн бұрын
Agree, we don't need higher taxes? We need to know where the USA government money is going?
what a glorious moment where everything lined up to setup a gaijin to knock down the hypocrisies Japanese culture. bravo sir.
Siempre pensé que Olimpus era alemana. Todos los días se aprende algo nuevo
A great expose. Thanks. Michael was brought in to take the blame for all that was rotten inside Olympus, but he wouldn't play ball (Japanese one) and asked too many questions. Obviously, I wouldn't be surprised that real Yakuza was on the board and had been siphoning off money from their corporate piggy bank. After all, who would allow Olympus to run factories and other manufacturing facilities there in Japan without some "Protection." Michael, well done. You turned out to be much better than Enron CEOs who were the real crooks. Bravo!
@kenmore01
4 күн бұрын
Yes. They tried to use him and then cut him as he was too brazen (aka non-Japanese). Instead, he took them all out. What a happy ending!
Thanks for the dual audio.❤
35:45 Vato, en México eso pasa cada día y las empresas y gobierno lo niegan aunque toda la evidencia exista, vaya, algo que comparten México y Japón
¡Excelente!¡Excelente!¡Perfecto!,muy bueno. ¡Felicidades!.
Rather weird that a British citizen he succeeded in destabilizing Olympus while the world does know that British corporates are not that transparent... Eventually Olympus gained on all fronts: its market cap is US$200 yet
@johndorilag4129
29 күн бұрын
Never trust the brits. They are corrupt and a selective memory of history.
@richardstreet7605
25 күн бұрын
Weird comment.😂
I would not doubt that the big Japanese corporations will be very resistant to hiring non-Japanese executives as senior corporate officers, as they will look at them as liabilities that do not understand "traditional" Japanese business practices.
@richardstreet7605
25 күн бұрын
What kind of thing do you have in mind? Fraud. Paying for "comfort services". Bugging competition. That kind of thing?
Very beautiful documentary! Highly interesting
What an amazing doc.
olympus sold their camera business in 2021 to OMDS.
Hola que interesante su contenido sería posible ver más video en español 😢 saludos desde Guadalajara México
I had ultrazoom by Olympus in 2010th. And I loved it!
Thank you. Informative video. We must ask ourselves, what would you have done in Woodford's shoes.
@peterc4082
28 күн бұрын
Have the US president make one phone call and tell the Japanese to behave? That's all that would take. That or Xi can have Japan. Japan will listen to US orders.
It's not just the reputation of the corporations. Even the very integrity of the financial news media industry was put into question.
President had as much power as janitor... Just a face
*What I heard at the time was that the chairman was covering up his heavily gambling losses in Las Vegas through some questionable financial operations involving his company...however we didn´t hear anything about it...*
@1978garfield
15 күн бұрын
I kept waiting to see where the money was going and they never mentioned it.
The same thing happened at Renault/Nissan.
Yet this happens everyday in almost every big corporation something is wrong with this system.
I admire the Japanese culture. They have a lot of good things we’ve forgotten in the US. But sometimes too much loyalty can get you in trouble
Corrupción....nadie, nungún país, ninguna empresa, está libre, solo algunas personas valientes como Woodruff pueden corregir, mientras tanto millones de personas por el mundo sufren las consecuencias!...
In the end, it was the shareholders who got ripped off. I would have imagined the shareholders would have demanded a new board to insure that future profits did not 'disappear'.
That a large company has relations with or even sponsors large mafias is nothing surprising or new. The movie Robocop shows this very clearly. I have never met a mega company that is clean and honest.
This kind of underhandedness and unlawfulness is a common place in Japan. The western style laws are there just to appear compliant with the rule of law. They exist in form and not in substance. Bunch of hypocrats who profess to be better than everyone. Well done Micheal ! My kind of guy.
¡Gracias!
Excelente video
I'm here, listening to this documentary, while using an Olympus microscope. Kinda scary.
Mi primer cámara Pro fue una Olimpus 5 Megapixeles. Excelente calidad tenía
nothing like watching a british man who doesn't know the meaning of literal, but does know the complex symbolism of tuna sandwiches and cellophane wrapping, do an asian accent.
DEBERIAS PRESENTAR UN DOCUMENTAL DEL CASO ODEBRECH EN LATINOAMÉRICA Y DE LOS ESCÁNDALOS VINCULADOS A "PARAISOS FISCALES" COMO EL CASO PANAMÁ PAPER Y OTROS ACONTECIDOS POSTERIORMENTE A ESTE .
So the title went in castillian... secretos corporativos... thanks guys! Muchas gracias! Es agradable de vez en cuando ver un documental narrado en un ingles britanico con pronunciacion perfecta... con un titulo en castellano. For once is nice to see a nicely narrated documentary with clean british accent with a tittle in castllian.
@Maria-sj7dz
Ай бұрын
Spanish, no me seas estupidito
@longiusaescius2537
27 күн бұрын
So true
I don't think that stashing your losses in a subsidiary company is a practice unique to Japan.
@peterrobbins2862
20 күн бұрын
I thought it was a standard corporate operating practice world wide
SILENCIO... Comenzó mi novela.
which Olympus camera has become a collector's item and what price it will fetch?
Olympus cameras are now OM Solutions. I have several Olympus 4/3 cameras and lots of lenses but I am not going with "Solutions".
Interesting story. Too bad most large corporations are involved in payola, pay to play, bribery, swelling a few 'consultants' off shore accounts. I was once a photographer during film era. I never had Olympus cameras. But I am a proud owner of a CX-41 microscope.
Dudo que hayan cambiado, lo más probable es que aprendieron cómo manejar las cosas a su conveniencia.
Did anyone since learn what was the greater detail between the crime syndicate and Olympus? If so, I'd really like to know what the relationship was. Or the story.
Olympus is a top of the line product. I have given these guys some leeway for what they built the business into
Muy buen documental
Yo tengo una cámara Olympus OM-D EM5 Mk3 y me encanta. Sin embargo se han atrasado mucho respecto al crecimiento tecnológico de las Mirrorless de otras marcas. Y ahora entiendo porqué sus nuevas cámaras ya no se llaman Olympus sino sólo OM, pues marca un claro después del escándalo.
Most American workers were loyal to the company they worked for back then too. That lasted until the companies stopped being loyal to their workers.
Anthony Soprano-san busted out Olympus like Ramsey's Sporting Goods
Increíble que la Corrupción sea un mal de la humanidad …
Algo me suena que este documental también esta "empujado" por Olympus para recuperar imagen .
@ae86takumi
27 күн бұрын
Sus productos nunca perdieron su prestigio. Imposible caer . Aunque hagan algo monumentalmente mal , con seguir haciendo lo mejor luego y ignorar lo otro , la gente seguiría leal
Esto se puede contar en 15 minutos perfectamente.
y esto es real? porque siempre el río suena y no se puede creer en la ingenuidad de un alto directivo que entra en el corazón de una empresa sin enterarse como se cuecen las habas, hasta un pasquín externo y extranjero se daba cuenta y no un tipo con 30 años dentro de la empresa. Esto es una historia de Hadas al puro estilo inglés...Esto debe haber sido un secreto a gritos...
@jaimeramos5292
14 сағат бұрын
¡Ni siquiera debió haber aceptado el puesto, o fue muy ingenuo o ya sabia lo que pasaba; es extraño que no supiera nada!
En Pepsi SLP México fui Auditor Operativo y saque a la luz,muchas practicas deshonestas ,pero contaba con el apoyo de la Dirección Regional y de la de Finanzas
@mikinomearcana4618
22 күн бұрын
Y luego? Que sucedió?😮
@fabianvillegas5679
21 күн бұрын
@@mikinomearcana4618 Se originaron bajas , procedimientos legales,se realizo nuevas Normas de Operación y controles
En su tiempo US y sus politicas economicas frente a Japon, provocaron muchos problemas y aunque no justifica la deshonestidad, orillo a algunas personas buenas a delinquir. Aumentar la apreciacion de una moneda frente al dollar no suele ser positivo...
It's very interesting, but the doc goes 2 minutes forward and 1 back all the time...
the next video, like London He took the Venezuela”s gold.!!😄👍
No me gustó el documental, se centra poco en lo técnico, y mucho en las cuestiones personalísimas del protagonista. El documental podría haber durado 15 minutos, tiene unos 25 minutos de relleno fútil.
esto mas parece una lavada de cara para la reputacion del directivo extranjero que de la marca en si, no se cuantas veces han repetido lo buen tipo honrado y de grandes valores que era
No dijo nada la venta de lentes a los alemanes en la guerra
Golly i think ill put my TG5 on the charger....
Lo que no acabo de entender es qué tiene que ver todo lo mostrado con la Yakuza. ¿Qué les pagaban?
"Turning Japanese" The Vapors dixit 😅
10:50 what are are you!? A tunna sandwich 😢
Demasiado largo el vídeo, podría hacerse más corto y mas gente lo vería. Demasiado metraje que no aporta nada.
Que consecuencias tiene que las empresas cometan fraudes ? Además de dañar sus finanzas y reputación? 😮 Afecta a la sociedad? Al gobierno??
Por qué hay comentarios en inglés si el vídeo está en español y no tiene subtitulos?🤔🧐
@nicolasmaidana43
27 күн бұрын
El video esta disponible en dos idiomas de audio: ingles y español. Dentro de las opciones puedes elegir que pista de audio elegir para escuchar.
@unviajeroweb533
26 күн бұрын
@@nicolasmaidana43Si ya revisé la app muestra la opción, ya que desde el navegador no aparece 👍.
@Rossy439
26 күн бұрын
Lo mismo me acabó de preguntar 🤔🤭
Did woodford write this script...
If I've been receiving scam ads on your videos, shouldn't you or the overlords be paying attention?
Entiendo que en 30 años te sientas muy identificado con la empresa donde trabajas, pero notando ya lo turbio de la situación, prefiero dar un paso al lado y mantener mi integridad física, mental y emocional
Pues...¡Very well con papas!
The fundamental philosophy of corporate being is evil.
Parece que es lo mismo que le hicieron a Goshn, oseanlenhicieron la camitabpor ser extranjero.
Los microscopios viejos de mi universidad son marca olimpus
lo querían usar como chivo expiatorio pero se movió ._. ahora es mejor pensar 2 veces si te dan un cargo de presidente que no es presidente
ne porque me hace acordar como una federacion de supermercados coreanos pero su presidente es argentino y no habla coreano...?
That last guy didn't sound so much like a "camera enthusiast" as a marketing team member of Olympus shilling a product that is not "game-changing" or "a new ballpark" lol
@bopcph
27 күн бұрын
Olympus MFT cameras actually was game changers when introduced back in 2012 (OMD-EM series) and reinforced their significance in 2015. BUT, as we should all understand now - why, lag of investment in their camera business ended in a decision to "depart" and sell the camera division. As a dedicated owner/user of Olympus cameras since the days of the first OM-1 (film), I was unable to understand their decision to sell of the camera division - but this documentary explains it all. And admitted, every one else has since caught up with what the OMD-EM series introduced back in 2012 all due to the new owner, JIP, has not been able or willing to put up the investment needed to stay ahead - sad.
Yo uso Canon
El problema no era su producto, si no su administración, por eso es que pudo sobrevivir, no como muchas otras marcas que tanto su administración como su producto (ejemplo Delorean) son una basura 😅
MORALEJA 1: no contrates a un gringo como alto directivo en empresa japonesa
Teach them to hire gaijin. Gaijin Dame!!!!
Muy largo
En el mundo... una persona destapa la corrupción de una gran multinacional y se convierte en héroe, en Colombia, un hombre honesto intenta destapar la corrupción de una multinacional, el hombre aparece muerto por cianuro, el fiscal (amigo de la multinacional) declara que fue un suicidio y la multinacional queda limpia
He's fortunate that it was the Scillian Mafia during Riina's reign He would defo be pan bread
"Buenas prácticas corporativas", cuento de Adas. Estamos en la tierra. El protagonista hace su denuncia de fraude antes que lo culpen a el de las pérdidas y lo metan preso. Cuida solo su pellejo nada mas. No es un santo.😂
Jajaja menos mal que nunca compre una Olimpus , y no me gusta su nombre 🎉 Si una Canon esa SI!!
He did not understand LOYALTY is more important than Truth. for the Japanese.
Big in Japan....Alphaville dixit 😂
Y el Chismosito, No fue restituido 😅😅😅😅
@Rossy439
26 күн бұрын
Una persona honesta incorruptible en su trabajo le llamas chismocito?🙄🤦♀️
esto no se supo pq todo este peo explotó justo con lo de las torres gemelas