Western investors in Japan's disgraced Olympus have accused its banks of trying to take control of the boardroom by stealth, amid media reports that the firm's major creditors are set to install their own appointees in the top jobs.
Foreign investors in the maker of cameras and medical equipment, engulfed last year by a $1.7 billion accounting fraud, have been arguing for a complete renewal of the board, including outside talent untainted by the scandal.
But they say they have been thwarted by Olympus's main banks which, in their powerful roles as both major creditors and shareholders, appear to be lining up a company veteran and a senior banker to take over the reins.
The new chairman is expected to be from main lender Sumitomo Mitsui Banking Corp, a unit of Sumitomo Mitsui Financial, the Nikkei newspaper said on Tuesday, adding that executive officer Hiroyuki Sasa would be promoted to president.
SMBC, which is also listed as a major Olympus shareholder alongside a unit of Mitsubishi UFJ Financial, said the bank had no immediate comment.
An Olympus spokesman said no decisions had been reached on its new management line-up.Page 1 of 4 | Next Page