Site icon 43 Rumors

Unexpected: Japanese Banks sue Japanese company (Olympus).

I didn’t expect that to come: Olympus has been sued by six Japanese trust banks for damages relating to a $1.7 billion accounting scandal in 2011. Reuters reports that they are seeking 27.9 billion yen ($273 million) for damages. Olympus at its last earnings briefing said it would set aside 17 billion yen ($166.49 million) to settle three of the cases it has publicly recognized.

I am a bit surprised to see Japanese banks going against a Japanese company. In a time of financial crisis like that isn’t it insensible to damage a Japanese company? Anyway, I am too far away from these kind of financial world to know what’s really going on. Maybe it’s just me…but have more sympathy in a company based on real economy and real product creation than in banks :)

P.S.: Just read the book from Jérôme Kerviel about the giant fraud he committed in France. It probably influenced (again) my negative impression about the current bank system in general.

Exit mobile version