A source close to the investigation into Olympus' accounting discrepancies has told Reuters that the investment losses hidden by the firm since the 1990s at one point reached $1.7 billion. The firm admitted last month to concealing losses made through bad investments by hugely inflating administration fees paid to advisors during mergers and acquisitons. The investigating panel is due to publish its report into the affair very soon, which is expected to confirm that some of the company's most senior employees were behind the scheme, including its own internal auditor.
In slightly better news for the firm, the panel seems set to refute any suggestions that organised crime syndicates were involved in the scheme, telling the Nikkei Business Daily that no such evidence had been uncovered in the investigation. We'll bring you full details of the report as soon as it's published.