News Headlines - 08 November 2011

▽Olympus admits hid losses for decades - Reuters
Japan's Olympus admitted on Tuesday it hid losses on securities investments dating back two decades, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt.

▽Olympus’ proffered truths invite yet more questions - Financial Times
In the three and a half weeks since Olympus’ ousted British chief executive accused it of mislaying more than $1bn of shareholders’ money, the truth has emerged fitfully, in a series of half-disclosures that have invited more questions than they answered.

▽Olympus Casts Spotlight on Accounting - Wall Street Journal
Olympus Corp.'s admission that it had finessed its accounting for two decades to hide losses cast a spotlight on the prominent accounting firms that signed off on the company's financial statements for that period.

▽Ex-CEO says Olympus money trail still hides secrets - Fox Business
The former chief executive of Japan's embattled Olympus said on Tuesday the company's partners should come under close scrutiny after the camera and endoscope maker admitted it hid securities investment losses for two decades.Michael Woodford, who was fired on October 14 after persistently asking why the company had spent around $1.3 billion on obscure fees and acquisitions, said questions remained to be answered about the money trail.

▽Olympus shareholders say board must go - Reuters
The largest foreign investor in Japan's Olympus demanded the resignation of the company's entire board and urged Japanese authorities to resist any temptation to draw a line under an embarrassing scandal by delisting the business.







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