Olympus Corp.'s admission that three of its top executives colluded to hide losses from investors fails to address the roles played by other officials, the firm's biggest overseas shareholder said.
The camera maker's shares fell by their maximum limit for a second day after it reversed on Tuesday weeks of denials that there was any wrongdoing in its past acquisitions. The company fired Executive Vice President Hisashi Mori over his role in covering up the losses with former Chairman Tsuyoshi Kikukawa, who resigned last week, and said auditor Hideo Yamada would step down.
Olympus' top overseas shareholder is now demanding investor relations head Akihiro Nambu go too due to his role as a director of Gyrus Group PLC, the U.K. takeover target used to funnel more than $600 million in inflated advisory fees to a Cayman Islands fund. And after Nambu, the rest of the board must follow, said Josh Shores, a London-based principal for Southeastern Asset Management Inc.