endoscopic equipment Olympus Corp. Japanese manufacturer of cameras and hid losses from financial transactions for more than 20 years to prevent stock prices from collapsing. This statement was made by the head of the company, Shuichi Takayama, on Tuesday.

He formally apologized to investors on behalf of Olympus and said that the manufacturer will make every effort to avoid negative consequences in the form of delisting on the Tokyo Stock Exchange ( TSE ), reports MarketWatch . The TSE has already announced restrictions on short selling of Olympus securities from Wednesday, November 9th. On Tuesday, the company's shares fell by 29% to 734 yen.

Shareholders, including Japanese insurance giant Nippon Life Insurance , called on Olympus management to be more restrained in its statements so as not to provoke a further collapse in quotes.

scandal the Olympus , hastened to disown Financial giants, including Nomura Holdings . The banks assured that they knew nothing about the company’s fraudulent reporting.

Takayama named his predecessor as Olympus president Tsuyoshi Kikukawaya, his deputy Hisashi Mori and auditor Hideo Yamada as the main culprits of the deep-rooted fraudulent practice. Those, in order to hide real information, decided to pay inflated fees to external financial consultants to avoid exposure. Takayama called himself a victim in this situation. He emphasized that he knew nothing about the falsifications until a certain point.

According to Bloomberg sources , Tokyo prosecutors have launched an investigation into Olympus on suspicion of violating securities laws. The country's Securities and Exchange Commission will also be involved in clarifying the circumstances of the fraud. The company will be the subject of investigations in both the US and UK. In addition to financial regulators, the FBI will be involved in this process.

share price The sharp decline in Olympus's began on October 14, after the board of directors fired Michael Woodford as president. He, in turn, was the first to make public the fact that in 2008 the company paid $2.2 billion for the British medical equipment manufacturer Gyrus. This amount significantly exceeded the real value of the company being purchased. consultants At the same time, Olympus for the deal received fees of $638 million - tens of times more than market prices for such services.

Woodford, the first foreign head of a Japanese manufacturer, demanded independent reviews and the resignation of Kikukawa and Mori. The leader's rebellion, however, was suppressed by the company's management and shareholders.

Kikukawa, who also headed the board of directors, was appointed as the new president. However, he worked in the position for less than two weeks - already on October 26, the disgraced manager was dismissed from all posts.

Since October 14, Olympus shares have fallen 70%, to their lowest levels since 1995, although Kikukawa's departure ensured their short-term growth.

Olympus was founded in 1919, Interfax reports . The company is based in Tokyo and has regional headquarters in the United States and Germany. previously Olympus specialized in the production of microscopes and thermometers. Today the company is engaged in the production of optics, photographic equipment, as well as equipment for medical and biological research.

The largest shareholders at the end of the last fiscal year were Nippon Life Insurance (8.4%), Bank of Tokyo - Mitsubishi (almost 5%), Sumimoto Mitsui Banking (3.1%).

Olympus management hid losses from the market for 20 years