Olympus hid losses with Gyrus fees, takeovers
Nov 8, 2011
Olympus Corp. said it hid losses by paying inflated fees to advisers on the 2008 acquisition of Gyrus Group Plc, the first admission of wrongdoing from the Japanese camera and medical-equipment maker since accusations from its former chief executive officer surfaced four weeks ago. Executive Vice President Hisashi Mori was dismissed over his role in the cover-up, the Tokyo-based company said in a statement Tuesday. The stock plunged by the daily limit after an independent panel Olympus appointed