Reports confirmed that Olympus Corp. suing its own president, Shuichi Takayama and 18 other previous and current executives over the accounting fraud to conceal their $1.7 billion in losses. The current board members have agreed to resign, allowing the investors of company to vote on new management.
About Olympus Corp.:
Olympus Corporation is a Japan-based manufacturer of optics and reprography products. Olympus was established on 12 October 1919, initially specializing in microscope and thermometer businesses. Olympus enjoys a virtual stranglehold of the world market in gastro-intestinal endoscopes. It has roughly 70% share of the global market whose estimated valued at US$2.5 billion. Its global headquarters are in Shinjuku, Tokyo, Japan.