Sunday, December 4, 2011

Japan's Olympus hid up to $1.67 billion in losses from investors

An investigative panel has found Japan's  Olympus Corp hid up to $1.67 billion in losses from its investors, but is likely to say there is no evidence of involvement by organized crime in the cover-up.
The panel will also stop short of recommending criminal charges against executives involved in the accounting scandal, presenting only the facts and leaving Olympus to pursue this aspect, said the source familiar with the panel investigation.
Where on earth were the Olympus auditors throughout all this? In the end, the panel recommendation seems disappointing and unsatisfactory. This where the specter of a U.S. style derivative shareholder lawsuit would actually be beneficial to bringing a little sunshine to this utterly shocking and disgraceful situation.


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