Now Olympus Sues Own Executives

Sky News reports that Japanese camera maker Olympus is suing 19 of its former and current executives over the £1.1bn accounting fraud that has engulfed the company in recent months.

The firm announced on Tuesday that it would sue the executives, including its current president, for up to £30m in compensation in an attempt to recover from one of Japan’s worst accounting scandals.

“Olympus said all board members subject to the lawsuit would quit in March or April, leaving the company in the extraordinary position of continuing with six executives that it is suing for mismanagement at the helm.”

The full article can be found here.

Curiouser and curiouser?

According to Sky News; “Olympus shares surged by as much as 28% on the news of the lawsuit, with investors betting the company’s clean-up efforts would help it avoid a humiliating delisting from the Tokyo Stock Exchange.”

Source: Sky News