Olympus exec found hanged outside apartment

A top executive of Japan’s scandal-ridden Olympus Corp was found hanged outside his apartment in suburban Delhi in a likely suicide, police said on Tuesday.

Tsutomu Omori, 49, head of the company’s medical equipment business in India, appeared to have killed himself late Sunday, Lal Singh, investigating officer of Gurgaon Police told Reuters.

There was no immediate suggestion his death was linked to a $1.7 billion fraud that has rocked corporate Japan and led to the arrest of senior executives in Tokyo.

Read details: IFP Press

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Olympus eyes $1.2 billion suit - while president considering to resign

[ via Reuters ] 8 Jan

Scandal-tainted Olympus Corp is considering suing current and former executives for compensation totaling about 90 billion yen ($1.2 billion), while its new president is considering resigning, a source familiar with the matter said.

The endoscope maker is preparing a suit to help cover damages from a $1.7 billion accounting fraud that has savaged the 92-year-old firm's finances, market cap and reputation, the source said.

Read more: Reuters

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Olympus board signals it will quit

[ Reuters ] 7 Dec

Olympus Corp's board signaled plans to quit over a $1.7 billion accounting fraud, but will likely pick a team of potential successors, triggering a battle for control of the Japanese firm with the former CEO who blew the whistle on the scandal.

The decision is an outcome of an investigative panel report, unveiled on Tuesday, concluded that several former executives spent 13 years running a complex scheme to hide huge investment losses off the company's balance sheet.

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