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Olympus board may resign at next year's shareholders meeting

(Xinhua)

09:43, December 08, 2011

Olympus Corp President Shuichi Takayama (L) and accounting division's official Nobuyuki Onishi bow in apology at the start of a news conference in Tokyo, capital of Japan, Dec. 7, 2011. The entire board of Japan's Olympus Corp signalled its plans to quit, maybe as early as February, over a .7 billion accounting fraud, and set up an outside committee to advise whether to sue those responsible for the scandal. (Xinhua/Kenichiro Seki)

TOKYO, Dec.7 (Xinhua) -- The present of Japan's Olympus Corp. Shuichi Takayama said Wednesday that the current board members may resign at next shareholders meeting as soon as next Feb. for covering the 117.7 billion yen losses which dating back to the 1990s.

The Japanese camera and medical equipment maker, involved in massive accounting cover-ups, held a press conference to announce the decision of setting up a special panel to investigate up to 70 people, who possibly have responsibility for the scandal, including former and current board members.

Shuichi Takayama as the representative of the boarder read an announcement about the third-part investment report, the board received one day ago. He said, "It's true as the report shows that our company covered up the loss of investment and released the unfaithful financial statement. It reflected supervision loopholes in the our system. I apologized sincerely for that."

Scandal-plagued Olympus Corp. also needs to find traction on eased concerns the firm will be delisted from the Tokyo Stock Exchange.

 
 
 
 
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