Olympus covered up 1.7 billion dollars in losses, panel says
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Tokyo - An investigation panel said Tuesday it had found that Olympus Corp hid investment losses of up to 134.8 billion yen (1.73 billion dollars), but no evidence of organised crime involvement.
In a report, the third-party panel appointed by Olympus said former vice president Hisashi Mori and former internal auditor Hideo Yamada had been the central figures in the cover-up. Former presidents Tsuyoshi Kikukawa and Masatoshi Kishimoto approved it, the report said.
The Tokyo-based maker of digital cameras and medical device admitted in early November that it hid losses on investment securities with the use of multiple funds.
Olympus said Tuesday it would release delayed quarterly financial statements by December 14 in order to avoid a delisting by the Tokyo Stock Exchange.
The company's practices were questioned by Michael Woodford, who was abruptly dismissed on October 14 from his position as the company's first foreign president and chief executive.
Shares in Olympus surged 9.07 per cent Tuesday.//DPA
