Camera Maker Olympus Admits Covering Up Losses
RENEE MONTAGNE, HOST:
NPR's business news starts with a confession from Olympus. Executives from the Japanese camera and medical device maker Olympus admitted Tuesday that the company has been using accounting tricks to cover up losses since the 1990s. That comes after a scandal that erupted last month. It revealed that the company had made huge payments to questionable advisers in the Cayman Islands as part of an acquisition. Olympus is now under investigation by the FBI and could be delisted from the Tokyo Stock Exchange.
NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.