Olympus dismisses vice president over scandal

8th November 2011, Comments 0 comments

Japanese camera maker Olympus on Tuesday said it had dismissed its executive vice president, after it acknowledged wrongdoing for the first time in a scandal over fees paid in a series of deals.

It added that the company's in-house auditor had offered to resign.

Olympus earlier said a third-party panel had found that inflated payments had been used to secretly cover losses on investments dating back to the 1990s.

"We decided at a board meeting today to dismiss director and executive vice president Hisashi Mori who has been found to have been involved in putting off reporting on the losses," the company said in a statement.

"Standing corporate auditor Hideo Yamada, who has also been involved, has showed his intention to resign."

The panel was set up to probe claims of overpayments in four deals after the ousting of the company's British chief executive and president Michael Woodford on October 14 brought the transactions into the spotlight.

© 2011 AFP

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