Olympus admits it used advisory fees to cover up stock loss

Olympus in the wake of an independent investigation confirmed late Monday that it had been engaging in questionable, if not illegal, activity surrounding its advisor fee scandal. It said investment losses made in the 1990s had been covered up by paying a supposed advisor $687 million during the buyout of Gyrus, masking the difference. It had also spent $940.1 million to buy a trio of Japanese companies between 2006 and 2008 but had promptly written off $700 million of that value.......

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