Tower Investment Management Co. has become a major shareholder in scandal-hit Olympus Corp. by acquiring a 5.95 percent stake, the Tokyo-based investment advisory firm said.

The stake, accurate as of the end of November, is for "pure investment," Tower said in a report to the Kanto Local Finance Bureau of the Finance Ministry.

Any investor who has bought a stake of more than 5 percent in a publicly traded company is required to report the acquisition to a local finance bureau.

Nippon Life Insurance Co. in November gave up its position as the biggest shareholder in Olympus, reducing its stake from 8.10 percent to 4.90 percent following revelations that the camera and endoscope maker had hidden past investment losses.

The stake for the entire Nippon Life group dropped to 5.11 percent.

The Goldman Sachs group, including Goldman Sachs Japan Co., is now Olympus' biggest shareholder, with a 6.67 percent stake.