A former Singaporean banker pleaded guilty in federal court in to helping Japan's Olympus orchestrate a US$1.7 billion accounting fraud.
Olympus Corporation is a Japanese manufacturer best known for its single lens reflex (SLR) cameras although the company is a dominant player in the market for gastro-intestinal endoscopes. Founded in 1919, the company hit the headlines in 2011 when it fired its newly appointed British president, precipitating a scandal that wiped 75 per cent off its stock market valuation. The company subsequently admitted that some board members had engaged in one of the biggest and most durable loss-concealing scams in the history of corporate Japan. In June 2012, Olympus said it would cut 2,700 jobs, or seven per cent of its global work force and would scrap about 40 per cent of its manufacturing plants around the world because of the investment losses.