Source:
Reuters(Reuters) - Japan's Olympus admitted for the first time on Tuesday that controversial acquisitions had been used to cover up losses on securities investments dating back to the 1980s, succumbing to weeks of pressure that has battered the company's share price.
Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and auditor Hideo Yamada for the transactions, adding he would consider criminal complaints against them if necessary. Mori would be dismissed, the company said.
"I was absolutely unaware of the facts I am now explaining to you," Takayama told a press conference. "The previous presentations were mistaken."
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http://www.reuters.com/article/2011/11/08/us-olympus-idUSTRE7A702X20111108