Wednesday, December 7, 2011

Olympus board signals it will quit

[ Reuters ] 7 Dec


Olympus Corp's board signaled plans to quit over a $1.7 billion accounting fraud, but will likely pick a team of potential successors, triggering a battle for control of the Japanese firm with the former CEO who blew the whistle on the scandal.
The decision is an outcome of an investigative panel report, unveiled on Tuesday, concluded that several former executives spent 13 years running a complex scheme to hide huge investment losses off the company's balance sheet.

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