Olympus has filed a suit against its former
executives for allegedly covering up the estimated $1.7bn loss.

Olympus said it filed the suit against 19
former executives seeking a total of more than ¥16bn ($208m) in damages at the Tokyo District

Olympus said it made the decision to file the
lawsuit on the back of a report commissioned by the company after
the scandal broke last November. The report found Olympus
executives as the main counterparts responsible for the fraud suit
is in accordance with “the report’s findings considering the
ability to pay [and] degree of involvement” for each director.

The Olympus scandal came to light after ousted
chief executive Michael Woodford questioned excessively large
adviser fees of acquisition deals after being fired by the firm in
October. It was later revealed the fees were a vehicle to hide
billions in losses.