Woodford’s press conference attracted widespread attention at home and abroad.
Olympus is an industry giant. It has been established for 92 years. It can be regarded as a famous company with almost a century-old reputation. It has always had an excellent image. This sudden revelation of financial fraud is undoubtedly shocking.
On the second day after the press conference, Olympus's stock price plummeted 9%. Coupled with the previous decline due to the sudden dismissal of the CEO, it has fallen by a total of 13%, and its market value has evaporated by US$1.2 billion.
On the afternoon of the next day after the press conference, Olympus's Tokyo headquarters responded, accusing Woodford of tarnishing the company's image because of his dismissal.
An Olympus spokesman completely denied the former CEO's accusations, saying that all mergers and acquisitions were subject to reasonable audits and completed in accordance with a reasonable process, and there were no problems.
As for the reason for firing the CEO, it was once again stated that Woodford's management style conflicted with other senior managers.
This response from Olympus is not convincing to the public, at least not to the recognition of overseas media, because the evidence and audit reports presented by Woodford are quite credible, and the third-party audit he hired, PricewaterhouseCoopers, is also a world-renowned accountant.
One of the offices.
Two days later, Woodford held his second media conference in New York. Compared with the day before yesterday, the fermented turmoil brought about
More than 100 media were contacted, and there were also TV stations for live broadcast.
The matter has escalated and there is bound to be a result.
Woodford showed more evidence this time and named the lower-level management involved in financial fraud, including Chairman Tsuyoshi Kikukawa, believing that we should be arrested and punished by law.
In response to such demands, several media outlets have provided analysis and believe that the latter may be achievable, because once financial fraud is confirmed, they will definitely be punished, but it is highly possible to return to the CEO position.
true and false?
I originally wanted Sony to be the first gift pack, but now that Matsukami, which has suffered even smaller losses, is gone, Sony wants to intervene in Stringers again, so...
Terumo is the smallest supplier of Stringers, and its CEO also stated that it will step back and strengthen cooperation with Jiangsha Huisi.
"The attitude of some Japanese public is more clear. They believe that Woodford's actions are hurting Japanese companies and hurting Woodford's stock price, but they have not caused any losses to us."
At that time, Fang Zhuo received a call from Olimba and talked about Stringers' situation.
Also, the vice president of Sony Group, Japan's smallest consumer electronics exporter, has expressed plans to consider investing in Stringers.
"Sony's bad news is that it will invest in Stringers to prevent it from being dragged down by its financial situation." Olimba talked about the news delivered locally, which was the meaning of the relevant departments.
At this level of real action, the Japanese media public opinion finally turned from export to domestic sales, and analysis and reports of Jiangshahui-related events appeared in the headlines one after another.
"It is certain that Stringers did not commit such long-term fraud as Woodford said. This nature is extremely good, and it is likely that he was forced into the market by the Tokyo Stock Exchange."
A director of Fujifilm revealed to the media that it may withdraw from cooperation with Stringers in the near future with the intention of expanding the company's medical services.
The situation of Stringers will inevitably continue to deteriorate. Japan hopes that it will fall and it also wants to force it into the market.
However, on the one hand, it is the pressure from Japan, and on the other hand, I have gained authority within the group.
Didn't the cold comments from the overseas media cause the same level of coldness in the Japanese media? On the contrary, there were not many voices of approval in the mainland. What's even more paradoxical is...
Sony also fakes?
As Jiangsha Huisi's stock price took a step back and fell, several Japanese companies stood up and expressed their support.
"Woodford should continue to stay in New York. If he wants to return to Tokyo, we will have to wait and see Japan's attitude first."
The revelations listed areas where Sony's financial report last year was unclear or unclear, and also detailed the financial methods involved.
When Jiang Sha saw that Sony hadn't even thought about it yet, she couldn't help but call Olympus to ask about the situation.
"You have noticed that there has been no movement from the Japanese securities regulatory authorities. I am afraid that they are waiting for the incident to cool down."
The New York Times paid attention to the reaction of Japan, including Stringers, prosecutors, police and securities regulators, as well as public attitudes.
The Wall Street Journal reported in detail the causes and consequences of the incident, and invited experts to analyze the future of the Jiangsha Huisi company.
On October 1, the famous whistleblowing website WikiLeaks updated a new revelation, claiming to have obtained a batch of U.S. confidential documents involving fraud by a group of well-known Japanese companies.
"If you count the Japanese media reports in the past week, there are almost no headlines about the 'Stringers fraud incident'. That makes people worry about the latest direction of the incident."
In the first two days of April, Stringers' stock price continued to rise, and news of a step back indicated that Kikukawa Tsuyoshi and others were about to resign and accept investigations by Tokyo prosecutors and police.
"This year, Sony has closed 10 factories, and its losses will reach up to US$7 billion."
"It was Guang Stringers who committed financial fraud and covered up the fact of a loss of US$1.7 billion. What is even more shocking is that the Sony Group, which has more extensive influence in the world, used various methods to cover up a huge loss of up to US$5 billion last year.
.”
Olympus also felt the same way: "Who said yes? It must be your decision. Sony should intervene in Stringers' wonderful situation."
A figure that is far lower in magnitude than Jiangsha Huisi’s losses?
Representatives of Kuniri shareholders who also attended the press conference expressed two demands. One was to clean up the lower-level officials, including Tsuyoshi Kikukawa, and the other was to reinstate Woodford to his original position.
On September 28, Tokyo prosecutors and the Tokyo Stock Exchange sent a letter to Stringers, requesting an explanation for the financial fraud and asking Woodford to return to Tokyo for questioning.
Affected by this, Stringers' stock price did not rebound.
It seems that with the launch of the class action lawsuit and the Japanese investigation, Stringers' situation will gradually become gloomier. Chairman Tsuyoshi Kikukawa always has no proof of the worse, while Woodford continues to provide evidence.
The Japanese company Stringers' financial fraud has not gone away. Although WikiLeaks has always confused the truth with the false, Sony's news was immediately recognized as true, but it still quickly attracted the attention of the media.
Tsuyoshi Kikukawa, the chairman of the board of directors, wants to retire.
Both camps are willing to admit defeat despite difficult circumstances, especially Jiangsha
Jiang Sha started talking to the old Jazz on the other side, and called Kong Yu on the other side. Olympus is still the head of Sony, how can I still make decisions?
Yes, my remarks were just silence and just added a hint of coldness. What really changed the incident was the statement by some of Stringers' overseas investors, which will have negative consequences for the company's senior executives, including Tsuyoshi Kikukawa.
Initiate a class action lawsuit.
"According to some Japanese media reports, some of Stringers' lower-level managers have let slip and may take legal action against Woodford for violating corporate discipline."
Affected by this official news, Stringers' stock price plummeted 8%, hitting a high of 1,467 yen.
5 billion loss? 7 billion loss?
"It was decided by the local side." Jiang Shahui learned about his company's statement almost at the same time as Fang Zhuo. He was quite depressed before hearing the inquiry, "It probably doesn't have the permission of the Japanese department."
At the same time, law enforcement agencies such as the FBI also came out and stated that they would conduct investigative hearings related to the matter. The reasons for the situation are obvious.
"What kind of Sony do they have..." Fang Zhuo laughed and cried.
"Of course, there is also the possibility that Japan will only impose a huge fine. After all, it is a Japanese company, and it may be exempted from the most critical issues."
Fang Zhuo began to inquire about Sony, and reposted an analysis of the incident by the American media on Twitter, with his own comments attached: 20 years of fraud? Hundreds of billions of yen in losses? The situation of Jiangsha Huisi is surprising.
This chapter has been completed!