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, which would include outside talent unconnected to Olympus, its creditors or major owners.
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. (abs-cbnnews.com)
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