#Japan giant Olympus suing its president for hiding…

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#Japan giant Olympus suing its president for hiding fraud http://snup.us/nG4

Japanese camera maker Olympus is trying to put an end to the accounting scandal plaguing the company by suing its current president and three ex-directors, sources tell Reuters. The lawsuit charges the four executives with engineering and covering up a 13-year, $1.7 billion fraud, and calls for millions of dollars in compensation. President Shuichi Takayama is expected to resign over the suit. An investigatory panel recently determined that the president and executives conspired to hide the company’s losses from investors. The company has lost nearly 60 percent of its value since the scandal broke in October.

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