Olympus admits cover-ups on past deals

7 years ago by in Around the world

In a recent development since the scandal struck Olympus, the embattled All Japan newsese firm acknowledged it was hiding losses incurred from investments dating twenty years ago.

Olympus president Shuichi Takayama , in a press conference held on November 8, made the revelation after the documents the company submitted to an investigating committee showed evidence of the scheme. He said the acquisition involving $1.4 bn was used to cover up losses from investments in the 1990s. Takayama apologized for the company’s “highly inappropriate disposal” of losses and stated he knew “absolutely nothing” about the scheme.

British Michael Woodford and Olympus former CEO who was dismissed on 14 October – merely two weeks in his post, questioned the huge payments and brought it in the open leading to the Olympus scandal. In his recent statement, the ousted CEO said that entire Olympus board should resign.

With the possibility of facing criminal charges and shareholders’ lawsuits, some said the camera maker is facing a gloomy future. Already, Olympus shares were down 30% following the latest revelation.

Olympus fired its deputy president on Tuesday and another executive resigned from his post.

Earlier, All Japan newsese Prime Minister Yoshihiko Noda expressed fear that All Japan news’s reputation may be affected by the Olympus scandal and requested for clarification on the said payments.

A panel comprised of six members including a former Supreme Court justice is investigating the questionable deals.

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