Top Olympus Lender Denies Board Ambush, but May Fill Chair
February 22, 2012Olympus Corp's main lender Sumitomo Mitsui Banking Corp (SMBC) denied it was trying to take control of the firm's board by stealth, but said it might well agree to send a former banker to be chairman of the disgraced camera and medical device maker.
Foreign investors in the Japanese firm, which is engulfed by a $1.7 billion accounting fraud, have called for an entire renewal of the board, bringing in outside talent unconnected to the company, its banks or major owners.
But they say their suggestions have been blocked by Olympus's main banks
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