Olympus to sue 5 auditors
Source: Agencies |
January 18, 2012, Wednesday
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Print Edition
Print Edition
AN internal probe at Olympus Corp found that five current and former auditors are responsible for a combined 8.38 billion yen (US$109 million) in losses linked to the Japanese company's accounting scandal, and plans to sue them.
The panel's report released yesterday said it found two accounting companies hired by Olympus as external auditors, KPMG Azsa LLC and Ernst & Young ShinNihon LLC, had not violated their fiduciary duties.
Olympus has admitted a cover-up of investment losses of 117.7 billion yen dating back to the 1990s and is suing 19 former and current executives for damages.
The panel said that auditor Minoru Ohta was aware of the cover-up but had failed to draw attention to it. Four other auditors also failed to fulfill their duties, the report said. Olympus plans to file a lawsuit against them, the company said.
The panel's report released yesterday said it found two accounting companies hired by Olympus as external auditors, KPMG Azsa LLC and Ernst & Young ShinNihon LLC, had not violated their fiduciary duties.
Olympus has admitted a cover-up of investment losses of 117.7 billion yen dating back to the 1990s and is suing 19 former and current executives for damages.
The panel said that auditor Minoru Ohta was aware of the cover-up but had failed to draw attention to it. Four other auditors also failed to fulfill their duties, the report said. Olympus plans to file a lawsuit against them, the company said.
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