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Olympus to appoint new chairman over scandal

02-22-2012 16:30 BJT

TOKYO, Feb. 22 (Xinhua) -- Yasuyuki Kimoto, head of the Japan Research Institute, is set to be named by Olympus Corp. as its chairman in the management reshuffle following the scandal of covering up huge investment losses, local media reported Wednesday.

The 62-year-old Kimoto, a former senior managing director for Sumitomo Mitsui Banking Corp., is reported to be equipped with sound financial expertise which could be helpful for the scandal- hit camera and medical equipment maker.

Kimoto is expected to assume the post after an extraordinary shareholders' meeting on April 20, the Kyodo News reported.

The new lineup of top management will also involve Hiroyuki Sasa, current executive officer. Sasa is expected to succeed President Shuichi Takayama, who is set to resign at the company's shareholders meeting in April.

The company had admitted to accounting fraud to hide 117.7 billion yen (about 1.47 billion U.S. dollars) in investment losses dating back to the 1990s.

Tokyo prosecutors had arrested its former chairman Tsuyoshi Kikukawa and other six company employees earlier for the cover-ups.

Editor:Wang Lingfei |Source: Xinhua

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