Panel clears Olympus of organised crime links
- 12 years ago
An investigative panel has found no link to organised crime in the accounting scandal at Japan's Olympus and has blamed two former executives for cooking its books over the past 13 years.
"As of a result of our investigation we were unable to find any evidence of the company's money being sent to members of organised crime," Tatsuo Kainaka, the panel's head, said on Tuesday.
In its report, the panel described Hisashi Mori, Olympus' former executive vice president, and Hideo Yamada, ex-internal auditor, as part of a management team that was "rotten", adding that "parts around it were also contaminated by the rot".
The two crafted a scheme as long ago as 1998 to hide investment losses from corporate stakeholders, the report said.
Al Jazeera's Florence Looi reports.
"As of a result of our investigation we were unable to find any evidence of the company's money being sent to members of organised crime," Tatsuo Kainaka, the panel's head, said on Tuesday.
In its report, the panel described Hisashi Mori, Olympus' former executive vice president, and Hideo Yamada, ex-internal auditor, as part of a management team that was "rotten", adding that "parts around it were also contaminated by the rot".
The two crafted a scheme as long ago as 1998 to hide investment losses from corporate stakeholders, the report said.
Al Jazeera's Florence Looi reports.