Olympus to be sued by shareholders over fraud

Olympus to be sued by shareholders over fraud
30 consumer affairs lawyers have asked Olympus shareholders to sue the company for damages after it was revealed last year that former execs covered up billions in investment losses fraudulently.

The disgraced Japanese camera company hid up to $1.7 billion in losses through fraudulent accounting over the past decade. Although there was rumors of Yakuza ties, the panel investigating has not found sufficient proof.

In an effort to hide losses from poor investments, Olympus went through a huge series of mergers and acquisitions and then inflated the administration fees paid out for the acquisition to companies that did not exist or were owned by Olympus.

The legal team is also considering action against the company's auditing firms, which signed off on the books each year despite noticeable red flags.

Written by: Andre Yoskowitz @ 22 Jan 2012 17:58
Lawsuit Olympus Fraud Shareholders
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  • 1 comment
  • LordRuss

    I guess it's nice to know that embezzlement isn't just for Wall Street fat cats & politicians. However you can almost forget finding anyone from the Yakuza (willingly, anyway) tied into the mess. Although rumor has it there isn't 'any' business affair that doesn't have some sort of organized crime attached to it in some form or fashion.

    I wonder if these folks (unlike the US) will be honorable & fall on their swords for the people they hurt?


    23.1.2012 13:31 #1

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