Please ensure Javascript is enabled for purposes of website accessibility

Maybe It’s Just a Giant Coincidence That the Four Companies at the Center of the Olympus Scandal All Share the Same Small Auditor

The Journal reports that four companies that were integral in hiding all the losses at creative accounting camera company Olympus all shared the same obscure auditor. Minoru Tanaka is still the auditor for three of the four companies although, for some strange reason, he was MIA in the report prepared by the panel that investigated the shenanigans. 

Mr. Tanaka's affiliation with the firms that landed in the Olympus orbit appears to have begun in 1999, according to corporate records. That is when he became an auditor for Global Co., an advisory firm whose president managed an investment fund for Olympus that acquired the initial stake in the three Japanese firms Olympus used to hide losses. Mr. Tanaka in 2005 became the auditor for a food-container maker that would later become News Chef Inc. Olympus made its first investment in News Chef in March 2006. That same month, Olympus also invested in medical-waste disposal company Altis Co., and cosmetics and dietary-supplement maker Humalabo Co. He also was listed as auditor of Altis and Humalabo and remained in that position for all three companies after Olympus took full ownership of them in 2008.
One other sketchy detail that the report mentions is Tanaka's affiliation with Ken Oshima, a wealthy Japanese entrepreneur, who is currently standing trial for illegally transferring over $500 million to a relative's bank account before his consumer-lending firm went bankrupt:
Mr. Tanaka has been a director for at least four companies owned by Mr. Oshima or members of his family, according to corporate records. 
Okay, sure,maybe  this all looks bad but you know how auditors can be.
 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

dachshund in the sand at the beach sea on summer vacation holidays, wearing red sunglasses with coconut cocktail

Friday Footnotes: More Bad News for PwC; Firm Leader Says AI Will Get People Back in the Office | 6.2.23

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Bye. Technology AI threat will motivate workers to return to the office, says […]

Bonus Season Is Not Looking Good at the King’s KPMG

According to reporting across the pond (including this story from City A.M. we shall be quoting in a moment), KPMG UKers are not going to have a fruitful bonus season due in large part to a slowdown in business. KPMG has slashed the bonus pool of its UK workforce and reined in commission for salespeople […]