Olympus Held Undisclosed 18% Stake in Firm Linked to Cover-Up
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Olympus Corp. owned 18 percent of Axes Asset Management, an affiliate of the advisory firm accused of aiding the cover-up of losses at the camera maker, documents filed in 2007 with Japan’s Ministry of Finance show.
Olympus was the third-largest investor in Axes Asset Management, according to the March 19, 2007, document, obtained after a disclosure request made a month ago by Bloomberg News. While a 185-page report last week by an outside panel investigating Olympus’s accounts traced links to Axes bankers back to the 1980s, it made no mention of a financial tie-up.