Olympus scandal: Hid investment losses in the past twenty (20) years

Japanese corporation, Olympus Corp has ultimately admitted that they applied inflated acquisition cost especially: advisory charges to hide investment losses incurred inside the previous 20 years.

Earlier on, the market place was vigorously discussing on the scandalous US$687 million payment for financial advice and high priced acquisition of corporations unrelated to its mainstream firms.

Olympus issued a statement saying that an independent panel investigating the allegations had identified that the acquisitions have been applied to cover up losses on investments dating for the 1990s. Through that time in Japan generally known as the "Lost Decade," quite a few Japanese corporations took to generating speculative investments in securities to offset sluggish sales following the bursting of Japan's financial bubble.

Olympus Corp's president, Takayama also confessed that the corporation necessary increased amount of corporate governance to make sure that equivalent points is not going to come about inside the future.