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Panel finds Olympus loss cover-up

An independent panel probing an accounting scandal at Olympus has confirmed it has found an elaborate scheme to cover up investment losses through exorbitant fees and expensive acquisitions.

In releasing its findings, the panel credited ex-chief executive British national Michael Woodford, for bringing the wrongdoing to light.

The probe found that as of 2003, Olympus had racked up losses of 117.7 billion yen (£964 million) from investment losses dating back years.

It said it also found no involvement of "anti-social groups," a reference to the Japanese mafia, as some news reports have speculated.

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