Camera and medical giant Olympus is being investigated by the FBI and the UK’s Serious Fraud Office for engaging in activities aimed at hiding decades worth of investment losses from company stakeholders.
Facing scandal, the company’s leadership recently admitted that some of its executives were trying to conceal investment losses. The scale of the cover-up has prompted a three-way investigation, involving the police, prosecutors and a securities watchdog.
Repercussions of the case are likely to be felt beyond the company, with questions now being asked of associated accounting firms over why they failed to spot the irregularities.
Al Jazeera’s Florence Looi reports.