Letter to TSE on Olympus

On November 17, 2011, ACGA wrote a letter to the Tokyo Stock Exchange (TSE) regarding the Olympus Corporation and its ongoing status as a listed company.

Our main points were:

  • The Exchange should refrain from delisting the company even if it meets the December 14 deadline for its quarterly report;
  • That delisting is generally not a favourable penalty for securities malfeasance since it punishes shareholders as much as the managers responsible; and
  • Olympus would probably not be delisted in most other developed market exchanges since it remains a going concern with a reasonable business.

The letter was co-signed by 16 members of ACGA who hold approximately 17% in aggregate of the issued share capital of Olympus.