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Olympus: Losses hidden since 1990s

Olympus Corp. President Shuichi Takayama said Nov. 8 the company concealed huge losses on securities investments since the 1990s and used recent acquisitions of Gyrus Group PLC and three Japanese companies to cover the off-the-book losses.

The revelation means that the Tokyo-based camera and medical equipment maker may have falsified financial documents for years.

The Tokyo Stock Exchange is investigating to determine if the firm should be delisted.

Olympus had repeatedly denied any wrongdoing over the shady acquisitions.

"We found new facts that differ from what we announced (Oct. 27 in denying wrongdoing) and thus we will reveal them and apologize sincerely," said Takayama, who assumed the post Oct. 26.

In connection with the concealed losses, Olympus fired Vice President Hisashi Mori, and auditor Hideo Yamada expressed his intention to resign. (The Japan Times)

Shukan ST: NOVEMBER 18, 2011

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National News Olympus: Losses hidden since 1990s Olympus Corp. President Shuichi Takayama said Nov. 8 the company concealed huge losses on securities investments since the 1990s and used recent acquisitions of Gyrus Group PLC and three Japanese companies to cover the off-the-book losses. The revelation means that the Tokyo-based camera and medical equipment maker may have falsified financial documents for years. The Tokyo Stock Exchange is investigating to determine if the firm should be delisted. Olympus had repeatedly denied any wrongdoing over the shady acquisitions. "We found new facts that differ from what we announced (Oct. 27 in denying wrongdoing) and thus we will reveal them and apologize sincerely," said Takayama, who assumed the post Oct. 26. In connection with the concealed losses, Olympus fired Vice President Hisashi Mori, and auditor Hideo Yamada expressed his intention to resign. (The Japan Times) Shukan ST: NOVEMBER 18, 2011 (C) All rights reserved