Olympus Corporation Investors Urged to Oppose New Leadership, Accounts
Published: Apr 11, 2012
A global shareholder advisory firm has urged investors in Japan's scandal-tainted Olympus Corp to refuse to accept the firm's recently restated accounts and to vote against two men nominated to lead the business out of disgrace. ISS Proxy Advisory Services has made the recommendations ahead of an extraordinary shareholder meeting on April 20, when the maker of cameras and medical equipment will try to draw a line under a $1.7 billion fraud that threatened to sink it. ISS noted that the fraud was still subject to official investigations and warned shareholders they could undermine any law suit they might want to pursue in future against Olympus if they voted at the meeting to accept the restated accounts.