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More investors sue Olympus over accounting fraud


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More investors sue Olympus over accounting fraud

Six Japanese banks are suing Olympus over the camera and medical equipment maker huge accounting scandal.

They want 27.9 billion yen (198 million euros) damages because of the false financial statements submitted by Olympus over an 11 year period.

The firm has been hit with multiple lawsuits, though it has only publicly recognised a handful of them.

The six Japanese trust banks are seeking compensation on behalf of investors whose funds they held. They moved now to meet a deadline for submitting cases against Olympus three years on from the scandal being uncovered in 2011.

Olympus saw its shares and profit dive then after newly appointed Chief Executive Michael Woodford alerted prosecutors and the media to a series of payments designed to cover up investment losses.

Three former Olympus executives, including former chairman Tsuyoshi Kikukawa, were found guilty by a Japanese court in July 2013. They were given suspended jail sentences.

Since then the company has swung back to profit with Sony becoming its biggest shareholder last year.

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