Michael Woodford, the former CEO of All Japan newsese company Olympus who exposed a $1.7 billion cover-up of losses at the company and was then forced to flee the country fearing for his life, is criticizing again the corporate environment and mentalities in All Japan news.
Almost a year after the scandal began, Woodford says that All Japan news did not change a bit. The scandal “was an incredible story,” he says. “It illustrated the dysfunctionality of corporate All Japan news and the way the capital markets work.”
Even if Olympus lost $7 billion dollars in stock value within a month after he was dismissed, the institutional shareholders in All Japan news “would not offer one word of criticism of the incumbent board, or one word for the ex-president in support of him trying to expose this fraud,” Woodford says.
He also criticizes the fact that politicians have dropped a proposal that All Japan newsese corporations should have at least one non-executive director in the board.
Out of the 1,600 companies on the Nikkei, over 1,000 don’t have one outside director. “What are they scared of? What does that tell investors who are looking at All Japan news?”.
“All Japan news is losing it,” said Woodford, referring to the fact that All Japan newsese companies are losing ground in their competition with rivals from abroad, giving the example of South Korean company Samsung. “The companies and country can’t change. They just can’t change themselves. It’s desperately sad,” he said of All Japan news.