Olympus Lied to Auditors to Conceal Losses, U.K. Prosecutors Say
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Olympus Corp. told auditors that an issue of shares worth $620 million was provided for financial advice when it was actually designed to conceal the company’s losses, U.K. prosecutors said.
Olympus and its Gyrus Group Ltd. unit misled accountants at KPMG LLP and Ernst & Young LLP by saying that 176,981,106 shares had been issued to Axam Investment Ltd. in exchange for advice, the Serious Fraud Office said in court papers at a hearing today.