Olympus have admitted to illegal accounting practices in a news conference held in Tokyo today. The company used over $1 billion to hide huge losses from bad investments since the 90’s, sweeping them under the rug by making spurious payments to dummy entitles, the largest of which was over $670 million (or 2 years profit) in 2008 to a Caymans Island entity which disappeared 2 weeks later.
Above: Olympus chairman Tsuyoshi Kikukawa speaking at a press conference to announce the firing of CEO Woodford
Reuters are reporting on an escalation in the Olympus scandal, as the future of the company looks more and more uncertain. The key figure has emerged as a Wall Street banker (I am not surprised) of Japanese descent named Hajime “Jim” Sagawa, after British ex-CEO Michael Woodford filed a paper trail with the Serious Fraud Office in London this week.
On their recommendation Woodford (above, left-middle) is now seeking police protection from Scotland Yard due to fears for his safety.
Olympus recently employed an outsider in their ranks, a British CEO. He had helped to restructure the loss making camera division and was hands-on in going about it. This had begun to upset the conservative management in Tokyo who, in a shock move, decided to fire him unanimously.
Now it appears the true reason for his firing was that he’d uncovered a huge skeleton in the closet.
The NEX 5N’s APS-C sensor behind a mirrorless mount opens up some new possibilities when it comes to adapting lenses for video.
In part 1 I will cover recommended adapters and small walk-around street photography lenses which don’t compromise the compact size of the NEX 5N as a b-roll cam and digital rangefinder. There’s only one Sony pancake at the moment and it’s not very good so these are the answer.
In part 2 I will cover the larger standard SLR primes.
UPDATES: AVCHD is 17Mbit and sensor output is 30p (NTSC) or 25p (PAL)
Olympus’s new high end mirrorless camera the EP-3 has been leaked to 43Rumors.com. Here, EOSHD takes a look at the video side of the new Olympus flagship.
There are big improvements to video, with full HD AVCHD, video optimised lenses including a 12mm F2 and a new kit lens. The screen has had a huge revamp too, soundly beating the GH2 with a OLED 600k display.
Olympus have been helpfully telegraphing their future strategy in Israel.
With Olympus having said that the E-5 would be their last DSLR and with Sony also turning their back on the optical viewfinder, the inevitable future is now in full swing (sush – nobody wake up Canon and Nikon!)
Now a previously confidential presentation shows what that future might look like.
Micro Four Thirds has been given a major boost with Carl Zeiss just announcing they are jumping on board.