Things appear to be going from bad to worse for Olympus, with the Tokyo Stock Exchange (TSE) placing Olympus shares "under supervision" and warning the company it could be delisted if it doesn't meet it's reporting responsibilities within 30 days.
Last week Olympus announced it would not be able to meet its November 14 deadline to submit its quarterly earnings report.
This is the latest in a long line of dramas for Olympus with the first signs of trouble emerging in October with the sacking of English-born CEO Michael Woodford. While the Olympus board cited a "management culture clash", Woodford alleged he was fired because he questioned Olympus' acquisition of British medical equipment maker, Gyrus, and its payment of 35% in advisory fees when the norm is 1-2%.
While Olympus initially denied Woodford's claims, it has since acknowledged the deals were used to hide investment losses from the 1990s.
Olympus President Tsuyoshi Kikukawa resigned two weeks after announcing the sacking of Woodford. There have since been calls for Woodford to be reinstated as CEO.
AAP reports that the Tokyo District Public Prosecutors Office's special investigations unit, the Tokyo Metropolitan Police Department and the Securities and Exchange Surveillance Commission (SESC) are investigating the matter.
Olympus' global homepage (http://www.olympus-global.com/en/) features a "profound apology" from new president, Mr Shuichi Takayama.
