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Electronics Production | November 08, 2011

Olympus admits to concealing losses

Olympus has today admitted to decades of hiding investment losses through a series of acquisitions and advisory fees.

In a statement today the company said that it had deferred losses since the 1990's through fees paid to advisors and the acquisition of several companies. Those deals included the acquisition of U.K. medical-technology firm Gyrus Group PLC and three small Japanese firms at expensive prices. Olympus has dismissed the Director and Executive Vice President of the Company, Hisashi Mori – found to involved in the diferrals. Standing Corporate Auditor of the Company, Hideo Yamada, also involved in the controversy, is likely to offer his resignation the company said. Earlier this month Olympus requested that a third party commitee to investigate claims of loss concealment, after former CEO Olympus Michael Woodford went public with concerns about the company. Woodford has said he was dismissed on October 14 because he questioned a $687 million advisory fee as well as the prices Olympus paid for three small money-losing Japanese companies between 2006 and 2008. Shares in the company dropped to limit-down level in Tokyo today.
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