Olympus Corp. Admits To Participation In 10 Year Cover Up

Tokyo’s stock exchange warned scandal hit Olympus Corp on Thursday. It’ll be delisted after sixty two years as a publicly traded business if it fails to report earnings by Dec. 14.

Olympus said that they won’t issue their earnings earlier than a Nov. 14 filing date, but they are hoping to meet the later deadline.

The company admitted on Tuesday to a ten year cover-up of securities losses that’s being investigated by authorities in Japan, Britain along with the US. Tokyo police will also look into the scandal, the Yomiuri newspaper reported on Thursday.

The report said law enforcement officials had asked Olympus for internal accounting documents and it would question Olympus executives to determine if financial laws were violated.

The scandal raised doubts about the outlook for the once respected maker of cameras and endoscopes, which in the time of just under a month has lost more than 80 percent of its stock market value.

 

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