Olympus paid mystery Cayman Islands firms

| 28/10/2011

(Techeye): Japanese camera manufacturer Olympus has found itself embroiled in a controversy with some mysterious Cayman Islands-based companies. The Wall Street Journal says that Olympus paid much of the $1 billion it spent on three Japanese start-ups to mysterious businesses in the Cayman Islands. The WSJ saw an independent 2009 panel report by auditors for Olympus' board.  A company executive said he hasn't a clue about the companies, claiming the only information is the name of them along with their bank account details. After Olympus gave them the money, it's reported that three companies were either dissolved or shut down.

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Category: Finance

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  1. Chris Johnson says:

    This could yet be another embarrassment for Cayman as it involves at least five companies and some major local service providers. Just hope there are no local directors involved. If so they can start writing cheques or claim on their D&O insurance if they can get it now.