Olympus admitted that it used questionable deal to hide losses

After Olympus confirmed that they have used an US company as an adviser for the acquisition of Gyrus - a deal for which Olympus paid nearly 700 million in consulting fees, today Olympus admitted that they used the Gyrus deal to hide losses:

"Scandal-hit Olympus revealed on Tuesday it had found that funds related to its purchase of British medical equipment maker Gyrus as well as three domestic firms were used to hide losses on securities investments dating back to the 1990s."

Last week Olympus investors threatened shareholder suit.

Read also this related Bloomberg article.

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