An internal investigation at Olympus Corp. found that five current and former auditors are responsible for a combined 8.38 billion yen ($109 million) in losses linked to the Japanese company's accounting scandal, and plans to sue them.
The panel's report released Tuesday said it found two accounting firms hired by Olympus as external auditors, KPMG Azsa LLC and Ernst & Young ShinNihon LLC, had not violated their fiduciary duties.
Olympus has admitted a cover-up of investment losses of 117.7 billion yen ($1.5 billion) dating back to the 1990s and is suing 19 former and current executives for damages. (AP)
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