Waku Miller, a resident of Tokyo for over 30 years and a veteran translator who recently served as a spokesman for Michael C. Woodford — former president and CEO of Olympus Corp. — said he found it odd how indifferent major Japanese shareholders were even after a massive loss coverup by the camera and medical equipment maker was uncovered.
"All the foreign shareholders were demanding explanations, demanding the board quit, and let outside directors come in and run things properly," Miller said as he described what he saw as a stark contrast between Japanese and non-Japanese shareholders in response to the scandal.
"None of the major Japanese shareholders said one word in support of Woodford for calling attention to a $2 billion fraud. And not one of them had one word of criticism for the management that allowed this to happen," he said in reference to the position of institutional investors who endorsed the new team of top executives picked by the departing board in a special shareholders' meeting in April.