The Olympus Scandal: Poster Child for Corporate Fraud in Japan | Inside the Storm | FD Finance

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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[@wetwingnut]

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.

[@Enonymouse_]

The poster child for fraud in Japan is the Nissan conglomerate.

[@rohp1283]

@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]

I thought Blue Archive and Genshin were Japan's poster children 😄

[@mpazinambao2938]

Him being made president should have been the 1st red flag.

[@fantabuloussnuffaluffagus]

Ask Carlos Ghosn about that.

[@elbello1975]

Who is that?​@@fantabuloussnuffaluffagus

[@fantabuloussnuffaluffagus]

@@elbello1975 Fall guy/CEO at Nissan.

[@PatHaskell]

Just like Biden, who in the heck made the decision to push him to the front of the Democratic party and WHY???

[@cynthiaramirez1379]

Definitivamente la señal clave, fue esa.

[@jarofclay8900]

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]

Company have no power over what is going on in personal life.

[@johnwright9372]

They didn't want him to know what they were doing or saying.

[@Sgt_Glory]

He should have done the course anyways and not told them.

[@gavinjenkins899]

@@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]

@@gavinjenkins899 Cite law that states i am wrong.

[@BerriBerriJam]

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]

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]

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]

​@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]

@@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.)

[@ruzzelladrian907]

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]

Japan has not eliminated them. How would Olympus have managed that?

[@Sgt_Glory]

@@JohnDoryPsh There's the answer.

[@DaveEtchells]

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.

[@charlesreid9337]

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.

[@nejnej4676]

Thats one brave man.

[@bryanpetersen1334]

Japan’s mindset hasn’t changed much since the early 20th century

[@numbersix8919]

They're working on increasing homelessness and incarceration, infant mortality and unemployment, but progress remains agonizingly slow.

[@mr.skunkfishing5820]

now lets talk about the US govt and where all the money is going...

[@gabrielrubio7425]

Thanks for the dual audio.❤

[@pointofvantage]

Welcome to the real Japan!

[@noelvictorjacoramos979]

Jajajajajaj jajaja

[@sparty94]

olympus sold their camera business in 2021 to OMDS.

[@enricomercado4671]

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]

Just like with individuals. Good reputation built over years of good work gives you some protection from your own mistakes.

[@jesusreyesgeronimo2555]

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.

[@rasec19792007]

Hola que interesante su contenido sería posible ver más video en español 😢 saludos desde Guadalajara México

[@bhupendersingh8427]

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!

[@ronnyron2631]

Excelente video

[@manolocast1999]

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.

[@hankherer6177]

what a glorious moment where everything lined up to setup a gaijin to knock down the hypocrisies Japanese culture. bravo sir.

[@greathornedowl3644]

Thank you. Informative video. We must ask ourselves, what would you have done in Woodford's shoes.

[@peterc4082]

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.

[@uenoocean9289]

Yakuza we’re shareholders, may have help build the company from the beginning.. Service fee

[@Lawliet734]

@ueno "Yakuza we’re [were] shareholders, may have help [helped] build..." We're = We are.

[@peterc4082]

Maybe Japan needs some Chinese overseers to govern them. It may happen in the future, then there will be no more yakuza. It likely will happen as PRC will be ruling that part of the world in the future.

[@uenoocean9289]

@@peterc4082 the world needs Japan to be Japan & China be China. Nobody ruling nobody

[@joetkeshub]

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]

Never trust the brits. They are corrupt and a selective memory of history.

[@richardstreet7605]

Weird comment.😂

[@rajasimanta]

President had as much power as janitor... Just a face

[@gshadura]

I had ultrazoom by Olympus in 2010th. And I loved it!

[@alvarogonzalez3104]

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

[@Sentinel-911]

which Olympus camera has become a collector's item and what price it will fetch?

[@enricomercado4671]

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]

What kind of thing do you have in mind? Fraud. Paying for "comfort services". Bugging competition. That kind of thing?

[@BelucarmerA]

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.

[@rohp1283]

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.

[@albertbuira1751]

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

[@jujuyman26]

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.

[@marcomiranda6574]

I'm here, listening to this documentary, while using an Olympus microscope. Kinda scary.

[@TheYah00netstar]

*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...*

[@tonyb8660]

Anthony Soprano-san busted out Olympus like Ramsey's Sporting Goods

[@MorganGreen-lc2mc]

Did woodford write this script...

[@joseluisarza6550]

"Turning Japanese" The Vapors dixit 😅

[@luisesanz]

Lo que no acabo de entender es qué tiene que ver todo lo mostrado con la Yakuza. ¿Qué les pagaban?

[@marioberrio180]

Siempre pensé que Olimpus era alemana. Todos los días se aprende algo nuevo

[@fabianvillegas5679]

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

[@walterhernandez9867]

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]

Spanish, no me seas estupidito

[@longiusaescius2537]

So true

[@plateoshrimp9685]

I don't think that stashing your losses in a subsidiary company is a practice unique to Japan.

[@christianmuhm258]

It's very interesting, but the doc goes 2 minutes forward and 1 back all the time...

[@androwaydie4081]

Yet this happens everyday in almost every big corporation something is wrong with this system.

[@gatocamacho]

the next video, like London He took the Venezuela”s gold.!!😄👍

[@albertocuenca7485]

Algo me suena que este documental también esta "empujado" por Olympus para recuperar imagen .

[@ae86takumi]

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

[@perfukeilasolramirez4772]

ne porque me hace acordar como una federacion de supermercados coreanos pero su presidente es argentino y no habla coreano...?

[@sympathy4thedevil88]

Olympus is a top of the line product. I have given these guys some leeway for what they built the business into

[@marceloluche1969]

No dijo nada la venta de lentes a los alemanes en la guerra

[@user-kw5qv6zl5e]

Golly i think ill put my TG5 on the charger....

[@venancioduarte9553]

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!...

[@randomvids2146]

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

[@unviajeroweb533]

Por qué hay comentarios en inglés si el vídeo está en español y no tiene subtitulos?🤔🧐

[@nicolasmaidana43]

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]

​@@nicolasmaidana43Si ya revisé la app muestra la opción, ya que desde el navegador no aparece 👍.

[@Rossy439]

Lo mismo me acabó de preguntar 🤔🤭

[@JohnDoryPsh]

If I've been receiving scam ads on your videos, shouldn't you or the overlords be paying attention?

[@blackfirered]

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

[@armus550b]

The company was making money. The big boss bought some odd stuff. You let it go.

[@arcanondrum6543]

... -> *14:30*

[@SaraSofiaIbarguen-re5pt]

Que dramáticos 😅 es un tema muy delicado, pero creo que la narrativa es un poco exagerada.

[@LilStoops]

Teach them to hire gaijin. Gaijin Dame!!!!

[@maelhagel]

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

[@nickwinn]

Whats with all of the synthetic voices being used in videos today? You can really tell it's a fake narrator just before @8:44.

[@juanaybar1395]

"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.😂

[@enzokpo89]

que buen metodo de vender una camara y etc y un libro jjajajaj

[@arkant0z]

esto no se supo pq todo este peo explotó justo con lo de las torres gemelas

[@joseluisarza6550]

Big in Japan....Alphaville dixit 😂

[@ImpmanPDX]

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]

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.

[@77910502]

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.

[@winona7689]

Y el Chismosito, No fue restituido 😅😅😅😅

[@Rossy439]

Una persona honesta incorruptible en su trabajo le llamas chismocito?🙄🤦‍♀️

[@darkwhy3930]

l have a career too.

[@huypt7739]

Siphon money for old dues to play pappakasu...

[@alipiobello]

He did not understand LOYALTY is more important than Truth. for the Japanese.

[@jesusbarrerahidalgo8498]

Siempre aparece ... Un Innovador!que al final no es más que un LADRON!😅

[@flavioavellini5442]

La cultura Japonesa no es el colectivismo en si, es el salir adelante sea como sea... Y si, puede ser que de una manera más colectiva, pero acá en Argentina desde que apareció el Kircherismo el colectivismo es moneda corriente, pero para sus bienes personales (políticos)... En una empresa no se aplica, se es totalmente individualista, tenemos la mentalidad de "Yo riego mi propia quinta".

[@MoahlodiMahlatji]

But why do you want to change Japaneese corporate culture....Economic hitman

[@longiusaescius2537]

Real

[@osier769]

If you invested in a company, or your retirement fund manager invested in it and they were inflating the company value and hiding losses, wouldn't you want to know the company isn't being run as good as they claim? You wouldn't care about the risk of losing your own money?

[@longiusaescius2537]

@@osier769 just get a bailout like America

[@KevinBattle100]

Why the phoney static? Can't watch.

[@MiguelSanchez-uy4ir]

Para qué hacer un vídeo de 47 minutos para exponer el asunto ??? Con hacer un vídeo de 15 Minutos Claro, Preciso y Conciso habría sido suficiente ....

[@ThecrazyMurray]

Es un capitulo de un programa de televisión.

[@eugeniocarrasco6442]

Documental pagado x un empresario "honesto" jajajaja

[@peterkavanagh64]

The swctors making items by a this compamnies advise is ok that thiugh means attentuon so theremaining bkard starys to shild the medical data away from the cameea sectors a good way tp maanage data the way to divert to the needs of people not subjects yhat are nkt thiee needs .i thibk the abilty to remian a group on on and forwvre is not a goof idea or rd to be on. Beat let it be

[@pbinnj3250]

1. The practice of pawning off losses by purchasing crappy companies was not illegal. Regulators allowed it. 2. Am I right it was the shareholders the only victims? If they received a dividend, there must have been money for those dividends. If not, the stock price being artificially pumped up was the scandal. But this is by no means a typical corporate scandal. Everything Olympus made was with the best and most innovative capabilities in the world. The financials never hurt the product. I don’t excuse it, and ridiculously, the company could have addressed the losses in an ethical way, which makes the whole thing so unnecessary.

[@Sentinel-911]

Obviously this happens because besides hiding losses, some are profiting from these moves.

[@jos6761]

Como creerle a un anglosajon seguro exageran como siempre

[@quantum1953]

That story does not express the fact that it's very hard to believe a word of what the british are saying.

[@noelswo549]

Exactly, he gets someone fired cause they used company stamps?? He doesn't know how to resign?? Don't feel sorry for him

[@lkcdarzadix6216]

​@@noelswo549His the one that resigned and later proved that the secretary did use company stamps

[@larrydugan1441]

Bad grammar. I wonder why?

[@rnp497]

why, why can't you believe him. That Olympus did crime is well known. Yes Japan has criminals as well. Yes Japanese businessmen are greedy