Financially battered Olympus Corp. sued former and current executives of the damage that a camera makers of Japan and medical equipment said it has suffered greater losses of investments covering up.
The lawsuit, filed Wednesday by the Auditor of the company at the Tokyo District Court, former CEO of target Tsuyoshi Kikukawa, currently President of Shuichi Takayama and 17 company executives say participated in or knew about fraudulent activity.
Olympus said Tuesday the lawsuit follows a report from an investigation by an independent panel that a Tokyo-based company has been established. Then-President Masatoshi Kishimoto, as well as including Kikukawa __ next Executive knew about the scheme, he said. A small circle of employees are also involved.
Six Council members who are involved in the report, including the Takayama, will resign at the next shareholders meeting, scheduled for March or April, Olympus said.