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Alleging fraud, Olympus sues its president and 18 other executives

Alleging fraud, Olympus sues its president and 18 other executives

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In the newest twist in the Olympus saga, the company is now suing is president, Shuichi Takayama, seeking damages for his role in the $1.7 billion dollar cover-up that has rocked the Japanese camera maker. Eighteen other executives, including three ex-directors, were named with Takayama, as part of an accounting fraud that took place over nearly a decade

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Olympus binoculars
Olympus binoculars

In the newest twist in the Olympus saga, the company is now suing its president, Shuichi Takayama, seeking damages for his role in the $1.7 billion dollar cover-up that has rocked the Japanese camera maker. Eighteen other executives, including three ex-directors, were named with Takayama, as part of an accounting fraud that took place over nearly a decade.

The firm hid investing losses in a series of supposed merger payouts; former CEO Michael C. Woodford was fired after questioning the practice. He's fought to be reinstated in the role, but is now preparing his own lawsuit for wrongful dismissal. Olympus has lost nearly 60 percent of its value since October, when the scandal first erupted, and the current board of directors is slated to resign. A new board would then be elected in March or April. Despite all the turmoil, the company will likely remain listed on the Japanese stock exchange; however, a flurry of lawsuit is likely to begin.