Olympus to sue executives after accounting scandal

JAPAN’S disgraced Olympus Corp is suing its president and 18 other executives for up to $47 million (€37m) in compensation, as it struggles to recover from an embarrassing accounting scandals.

The maker of cameras and medical equipment said all board members subject to the lawsuit would quit in March or April, leaving it in the extraordinary position of continuing with its most senior executive, Shuichi Takayama, and five directors it is suing for mismanagement.

One analyst likened the current board to condemned men, resigned to their fate, and said they would have difficulty over the next few months making any strategic decisions, leaving Olympus more vulnerable to an eventual takeover.