Olympus admit to wrongdoing in financial scandal

Olympus VP Hisashi Mori

Olympus have admitted to illegal accounting practices in a news conference held in Tokyo today. The company used over $1 billion to hide huge losses from bad investments since the 90’s, sweeping them under the rug by making spurious payments to dummy entitles, the largest of which was over $670 million (or 2 years profit) in 2008 to a Caymans Island entity which disappeared 2 weeks later.

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