CCTV.com - CNTV English - CCTV News

Olympus sues executives over scandal

01-11-2012 10:46 BJT

Watch Video

Play Video

Olympus is suing 19 former and current executives, including its current president for damages the company says it has suffered over the massive cover-up of investment losses.

It’s still recovering from a major scandal, and now it looks like Olympus could be setting itself up as a major takeover target.

The disgraced equipment maker putting itself in the firing line by saying it would sue 19 of its own executives, with 6 directors of its current 11-member board named in the lawsuit.

Olympus adds all six will resign by March or April.

Analysts say the legal action and management reshuffle leaves Olympus in limbo, and more vulnerable to a takeover.

Firms like Panasonic and Sony are rumored to be interested in the firm.

Investors are also betting that current clean up efforts, like the lawsuit, will help the firm stay listed, and further boost the value of the firm.

Among those named in the lawsuit is ex-Chairman Tsuyoshi Kikukawa.

Kikukawa resigned in October, about two weeks after the scandal broke.

He was subsequently named by an Olympus panel as the driving force behind various schemes to hide 1.7 billion US dollars in losses over a decade.

The same panel also found former EVP Hisashi Mori and ex-auditor Hideo Yamada principal players in the fraud. Both are being sued as well.

Current president Shuichi Takayama has also been targeted.

The company’s investigative panel said Takayama was not involved in hiding losses, but failed in his duty as a board member to prevent the fraud.

 

Editor:Zhang Rui |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program