THE FINDINGS: A panel probing an accounting scandal at Olympus Corp. says an elaborate scheme to cover up $1.5 billion of investment losses was orchestrated by a group of top executives who were “rotten to the core.”
GOOD WORK: The panel, led by a former Supreme Court judge, credited the Japanese company’s ex-CEO, Michael Woodford, for bringing the deception at the camera and medical equipment maker to light.
COMPANY RESPONSE: Olympus says it takes the panel’s report “very seriously,” but also notes that no new off-book liabilities or gangster involvement had been found.
