08 Nov '11, 10pm

Olympus admits hiding losses in widening scandal

Olympus admits hiding losses in widening scandal

TOKYO (AP) — Olympus Corp. admitted Tuesday that it used a series of acquisitions to hide massive losses, reversing earlier denials of any wrongdoing as one of the largest accounting frauds in Japanese history rocks 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 with little or no relevance to its mainstay businesses. Its chairman Tsuyoshi Kikukawa abruptly resigned last month in an effort to placate angry shareholders. The company did an about-face on Tuesday, issuing a statement saying that after appointing an independent panel it had found that the payment and acquisitions were used to cover up losses on investments dating to the 1990s. Olympus shares plunged 29 percent in Tokyo. The company also dismissed ...

Full article: http://sg.news.yahoo.com/olympus-admits-hiding-losses-wid...

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Olympus used acquisitions, deal fee to hide losses

Olympus used acquisitions, deal fee to hide losses

sg.news.yahoo.com 08 Nov '11, 8pm

TOKYO (AP) — Japan's Olympus Corp. said Tuesday that top executives used acquisitions to hide massive losses, reversing de...

Olympus Year End Promotion 2011 #Olympus #YearEndPromotion

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