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Olympus to sue president and 18 other executives, shares surge on takeover hopes Tuesday, 10th January 2012
Olympus Corp will sue its president and 18 other executives, past and present, for up to £30 million in compensation, as it looks to recover from one of Japan’s worst accounting scandals.
The camera and medical equipment producer on Tuesday said all board members subject to the lawsuit would leave in March of April, leaving the company in an extraordinary position with its most senior executive, Shuichi Takayama, and five other directors it is suing for mismanagement, still at the helm of Olympus.
The board has already been likened by one analyst as a line-up of condemned men, resigned to their fate, with Olympus left extremely vulnerable for a takeover.
Olympus shares gew as much as 28 per cent on the news, with investors hoping the company’s clean-up efforts would help it to avoid a delisting from the Tokyo Stock Exchange.