Elaborate coverup found at Olympus

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A panel probing an accounting scandal at Japan’s Olympus Corp. said Tuesday an elaborate scheme to cover up $1.5 billion of investment losses was orchestrated by a group of top executives who were “rotten to the core.’’ The panel also credited the company’s ex-CEO, Michael Woodford, for bringing the deception at the camera and medical equipment maker to light. Woodford, a Briton, was fired in October after questioning the dubious transactions that have become one of Japan’s biggest corporate fiascos.

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