Former Olympus president Tsuyoshi Kikukawa admitted guilt today over a cover-up scandal of massive investment losses at the top Japanese camera and medical equipment company.

PRIVATE equity firm TPG Capital is willing to invest up to €1 billion in Japan’s Olympus Corp in a joint deal with Sony Corp or another suitor circling the scandal-hit firm, a source said.

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.

Japanese camera and medical equipment maker Olympus is suing 19 former and current executives for damages the company said it has suffered over a massive cover-up of investment losses.

MICHAEL Woodford, who was fired as chief executive of Japanese camera and medical equipment company Olympus after blowing the whistle on dubious spending, is now resigning from the board.