Olympus Corp. hid ¥134.8 billion in losses amid efforts to conceal the camera and medical equipment maker's soured investments since the 1990s, an independent panel appointed by the firm to probe its accounting scandal concluded Tuesday, denying it found any mob links.
The amount includes ¥117.7 billion in losses the firm attempted to cover up and costs related to the losses, including fees paid to financial advisers.
In announcing the findings, the panel urged Olympus to replace its current board of directors to prevent a further lack of proper corporate governance.