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| Version 1 | Version 2 |
|---|---|
| Olympus investigation panel finds 'rotten' management | Olympus investigation panel finds 'rotten' management |
| (40 minutes later) | |
| A panel appointed by the board of scandal-hit Olympus has said the "core part of management was rotten", but has found no link to organised crime. | A panel appointed by the board of scandal-hit Olympus has said the "core part of management was rotten", but has found no link to organised crime. |
| The third-party investigation found that the company had concealed business and investment losses that ultimately rose to 132.22bn yen ($1.7bn; £1.09bn). | |
| The panel is urging legal action against those who were involved in the cover-up. | |
| It has also said that those who knew about the situation should be replaced. | |
| 'Mind boggling' | |
| Olympus shares have plunged since its sacked chief-executive Michael Woodford, who blew the whistle over his concerns over dubious accounting practices at the firm. | |
| The controversy surrounds the payments made by Olympus to financial advisers as part of its acquisition of companies including British firm Gyrus. | |
| The payments came to light when Mr Woodford claimed that he had been forced out of the company for raising questions about these and other accounting practices in October 2011. | |
| Mr Woodford told news agency Reuters that the report offered no real insight into what had happened. | |
| However, he did think it was shocking that most of the board remained in place. "The people sitting running the company at the moment did nothing, which I again find so mind boggling that they are still there," he said. | |
| Mr Woodford resigned from the board last week to concentrate on a campaign to oust the other board members of Olympus. He repeated his call for them to resign. | |
| Mr Woodford, who has the backing of several of Olympus' largest shareholders, has said he would be prepared to return to the chief executive position | |
| Investigation continues | |
| After the report was released, trading in Olympus shares was halted in Tokyo. | After the report was released, trading in Olympus shares was halted in Tokyo. |
| The Tokyo Stock Exchange says it is assessing the report and may consider delisting Olympus. | The Tokyo Stock Exchange says it is assessing the report and may consider delisting Olympus. |
| The exchange has already warned that the company may be delisted if it fails to file its accounts report by 14 December. | The exchange has already warned that the company may be delisted if it fails to file its accounts report by 14 December. |
| Olympus remains under joint investigation by Japanese police, prosecutors, the markets regulator and the UK's Serious Fraud Office. |