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| Reuters: Olympus admits it hid losses for decades |
| Tuesday, November 8, 2011 | by Rob Galbraith |
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Reuters reports that financial improprieties at Japan's Olympus Corp. are a result of attempts to paper over investment-related losses beginning about 20 years ago. The company's admission of the cover-up took place at a press conference earlier today in Tokyo, and is being described as "the biggest corporate scandal to hit Japan since... the 1990s." The revelation, after weeks of denials, sent shares in the camera and optical device maker plummeting nearly 30 percent.
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Scandal: Reuters story on
The Globe and Mail (Canada) website |
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