Olympus Sues its President and 18 Other Executives over Accounting Fraud

Posted on Jan 10 2012 - 11:48am by Editorial Staff

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.

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