Shares of scandal-plagued Olympus rallied after three board members of the Japanese camera maker quit ahead of today's meeting with a company ex-CEO turned whistleblower.
Shares soared as much as 25% in early trade Friday after former Chairman Tsuyoshi Kikukawa, former executive Vice President Hisashi Mori and Auditor Hideo Yamada quit. The company claims the trio helped fake payments for merger transactions to cover $1.4 billion in losses.
The resignations are the latest in a series of incidents in a scandal that began on October 14 with the firing of Michael Woodford as chief executive, who subsequently went public with allegations the Olympus management team and board had covered up hundreds of millions of losses in bad investments dating back to the 1990s. (CNN)
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