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The financial scandal at Olympus, where it concealed $1.5 billion in losses, has now turned into a legal one. Several sources report that Olympus' headquarters have been raided by Japanese prosecutors along with offices belonging to business partners implicated in the scandal and the homes of executives. The investigation into the Olympus cover up is a coordinated effort between prosecutors, police, and securities regulators. Japanese television reportedly showed the raids live, with "dozens of black-suited investigators marching double file" into one building.

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The raids came after Olympus itself admitted to wrongdoing. An independent report had estimated the covered up losses at $1.7 billion, but Olympus itself said it covered up $1.5 billion in a last-minute filing to the Tokyo Stock Exchange. The filing came just in time to keep the stock from being delisted, but that could still happen if the raids turn up further evidence of wrongdoing. Meanwhile, Olympus is also being investigated by the FBI in the US and the Serious Fraud Office in the UK.


Olympus headquarters raided by Japanese prosecutors

Olympus headquarters raided by Japanese prosecutors

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Olympus headquarters raided by Japanese prosecutors

Olympus headquarters raided by Japanese prosecutors

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Google’s AI note-taking app is now available to users in the US

Apple responds to the Beeper iMessage saga: ‘We took steps to protect our users’

Apple has seemingly found a way to block Android’s new iMessage app

The quiet plan to make the internet feel faster

Finishing every part of Mario Wonder is no peach

More from this stream Trouble at Olympus: the story so far

Former Olympus chairman gets suspended sentence for role in massive accounting scandal

Olympus confirms 2,700 layoffs, plans to focus on mirrorless and high-end compact cameras

Olympus to cut 2,500 jobs, consolidate overseas plants, sell 10 percent stake to Sony or Panasonic

Olympus wants to trim camera portfolio, says incoming president Sasa