Printed from http://www.electronista.com

Olympus sues auditors for malpractice

updated 05:00 am EST, Tue January 17, 2012

Olympus seeks $13 million in damages from auditors

Olympus has announced that it has sued five past and current auditors seeking $13 million in damages, according to Reuters. The company is suing the firms after each had signed off on 13 years of fraudulent accounts. Senior Olympus officials, now mostly no longer with the company, had fabricated the company's accounts over the same period to cover $1.7 billion of losses. Although cleared of responsibility for the fraud by an independent panel, KPMG and Ernst & Young, and other auditors remain under official review.

The latest development comes after news that Olympus has been considering suing 10 existing and former executives for a combined $1.4 billion. Further, it is possible that Japanese police may file criminal charges against certain individuals for what has become the biggest corporate scandal in recent history. The company itself is also facing a lawsuit from its whistleblowing former CEO Michael Woodford for wrongful dismissal.

The scandal has left the company in a precarious financial position and reports have emerged that it is now seeking to partner with financial backers including Samsung. Samsung is planning on spending $41.4 billion in 2012, and has the funds to buy into Olympus as it offers the company the possibility of further diversifying its product portfolio. While Samsung is not interested in Olympus' struggling consumer camera division, it is said to be very interested in getting a piece of Olympus' medical endoscope market.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Sound Blaster Roar Bluetooth speaker

There could very well be a new king of the hill for Bluetooth speakers, with Sound Blaster's recent entry into the marketplace. Bringi ...

Kenu Airframe Plus

Simple, stylish and effective, the Kenu Airframe + portable car mount is the latest addition to Kenu's lineup. Released earlier this y ...

Plantronics Rig Surround 7.1 headset

Trying to capture the true soundscape of video games can be a daunting task. Looking to surround-sound home theater options, users hav ...

Sponsor

toggle

Most Commented

 
toggle

Popular News