Olympus admits acquisitions used to hide investment losses
Japan’s Olympus admitted for the first time on Tuesday that controversial acquisitions had been used to cover up losses on securities investments dating back to the 1980s, succumbing to weeks of pressure that has battered the company’s share price.
Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and auditor Hideo Yamada for the transactions, adding he would consider criminal complaints against them if necessary. Mori would be dismissed, the company said.
"I was absolutely unaware of the facts I am now explaining to you," Takayama told a press conference. "The previous presentations were mistaken."
The revelations by the maker of endoscopes and cameras would appear to vindicate ex-CEO Michael Woodford, who has staged a public campaign since being sacked on October 14 to force the company to come clean on $1.3 billion in questionable transactions.
Photo Credit: (Yuriko Nakao/Reuters)