BusinessDay: Camera maker now considering lawsuits against executives responsible for damages caused by hiding large investment losses in the 1990s. SCANDAL-hit Olympus said yesterday it was considering lodging lawsuits against current and former executives for damages caused by their decision to hide large investment losses. The statement came after the firm’s in-house panel investigated the responsibility of its directors in the scandal that rocked the 92-year-old camera manufacturer, and undermined public trust in Japanese corporate governance. "We are currently discussing filing law suits against the current and former board members," the company said. It would disclose the report and discuss its plans tomorrow, after a public holiday today. The combined damage claims could total hundreds of millions of dollars against more than 10 Olympus officers, the Nikkei said before the company statement. The cases will focus on three former executives who allegedly played major roles in the scandal, former president Tsuyoshi Kikukawa, former vice-president Hisashi Mori and auditor Hideo Yamada, the business daily said. President Shuichi Takayama will step down this month after the panel named him among those responsible for the scandal, said Kyodo News and the Mainichi Shimbun. Kyodo said the panel recommended Olympus seek damages of more than ¥90bn ($1,17bn). The panel of three lawyers was tasked to investigate the exact responsibility of the Olympus directors in the scandal. The group was set up after a separate committee of former judges and outside experts, commissioned by the company, condemned Olympus’s top management as "rotten". Source: BusinessDay
