Olympus Admits To Hiding Losses With Merger Fees

Law360, New York (November 7, 2011, 10:43 PM EST) -- Japanese camera and medical device maker Olympus Corp. said Monday it had covered up the company's investment losses by paying large fees to advisers on its $2 billion acquisition of U.K. company Gyrus Group PLC in 2008.

The company apologized to investors and shareholders in a statement, saying it was committed to making its best efforts to uncover the truth.

On Nov. 1, Olympus appointed a third-party committee led by a former justice of Japan's Supreme Court to investigate the scandal — and resultant stock plunge...
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