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Entries in Olympus (2)

Tuesday
Feb212012

Olympus Exec Found Dead in Apparent Suicide

Tomohiro Ohsumi/Bloomberg via Getty Images(TOKYO) -- A senior executive of scandal-plagued company Olympus was found dead outside his apartment in the Indian city of Gurgaon in an apparent suicide.

Tsutomu Omori, 49, head of Olympus Medical Systems in India, was found hanged near a park in his apartment complex, according to the Times of India. Police believe Omori committed suicide late Sunday. He left behind two suicide notes written in English and Japanese. One read, “I am sorry for bothering you,” according to police.

The Japanese camera maker has been engulfed in a massive financial scandal involving efforts to cover up $1.5 billion in losses. Earlier this month, Tokyo police arrested seven Olympus executives for their roles in one of Japan’s largest corporate scandals.

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There have been no reports to suggest a link between Olympus’s woes and Omori’s death, however.

Copyright 2012 ABC News Radio

Tuesday
Nov082011

Olympus Admits to Hiding Losses; Stocks Plunge

Tomohiro Ohsumi/Bloomberg via Getty Images(TOKYO) -- The dominoes keep falling in a corporate scandal that threatens to become the “Enron of Japan,” and now, the company at the center -- Olympus -- has admitted to concealing losses by paying massive advisory fees.

It all began to unravel three weeks ago, when then-CEO Michael Woodford was forced out after raising questions about excessive advisory fees ($687 million) the company paid in its takeover of British medical equipment company Gyrus.

Shuichi Kikukawa took over shortly after and defended the payments, saying the company had done nothing illegal.  But he abruptly resigned a few weeks later.

On Tuesday, Olympus fired its vice president and forced the auditor to step down, saying the two were involved in the cover-up, along with Kikukawa.

This is the first time the company has admitted any wrongdoing, and it comes after an independent panel found the company had been using advisory fees and takeover payments to cover up investment losses since the 1990s.

Olympus stocks have plummeted 70 percent in just three weeks, and now the Tokyo Stock Exchange says it’s considering de-listing the camera maker.

Copyright 2011 ABC News Radio







ABC News Radio