08 Nov '11, 8pm

Olympus used acquisitions, deal fee to hide losses

Olympus used acquisitions, deal fee to hide losses

TOKYO (AP) — Japan's Olympus Corp. said Tuesday that top executives used acquisitions to hide massive losses, reversing denials of any wrongdoing as one of the largest accounting frauds in Japanese history tarnishes the nation's corporate image. Tokyo-based Olympus, which makes cameras and medical equipment, has been battered by a scandal over a $687 million payment for financial advice and expensive acquisitions of companies unrelated to its mainstay businesses. The company consistently denied any wrongdoing and sacked its chief executive last month after he raised concerns about the acquisitions and the payment to an obscure Wall Street firm. Olympus did an about-face on Tuesday, issuing a statement saying that an independent panel investigating the allegations had found that the acquisitions were used to cover up losses on investments dating to the 1990s. During that ti...

Full article: http://sg.news.yahoo.com/olympus-used-acquisitions-deal-f...

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Olympus admits hiding losses in widening scandal

Olympus admits hiding losses in widening scandal

sg.news.yahoo.com 08 Nov '11, 10pm

TOKYO (AP) — Olympus Corp. admitted Tuesday that it used a series of acquisitions to hide massive losses, reversing earlie...

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@Qiz @22sY24sY @cRabby09 maybe flying petal they all used this

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