Olympus Has Been "Hiding Losses" Since the 1990s

By Gary Cutlack on at

Fans of gadget fire sales might soon be able to pick up some cheap going-out-of-business Olympus equipment, as the troubled camera maker has admitted to cooking the books for decades. And another senior manager has been sacked.

The company's executive vice president, Hisashi Mori, is the latest to be booted out of the huge Japanese firm, after it's already battered share price collapsed by another 30 per cent following the new allegations of financial impropriety.

The latest issues dates back to the 1990s, when losses from certain investment dealings were hidden from view by channelling money in from other parts of the business. [BBC]