According to those good folks at Reuters losses on securities investments at the core of a scandal rocking Japan's Olympus Corp may have once exceeded $1 billion, the Nikkei newspaper said on Wednesday, as the firm's share price plunged again on doubts about its future.
Olympus admitted on Tuesday it used M&A deals to hide losses dating back two decades, a revelation that followed a public campaign by ex-CEO Michael Woodford to get the 92-year-old maker of endoscopes and cameras to explain a series of mysterious deals.
The scandal has raised questions about Japan's corporate governance and revived memories of the dark days after Japan's bubble of soaring share and land prices burst in 1990, leaving many top firms with losses on fancy financial deals and looking for ways to hide them.
Find out more at http://www.reuters.com/article/2011/11/09/us-olympus-idUSTRE7A702X20111109
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