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.

Japanese prosecutors raided the headquarters of Olympus today, amid an investigation into dubious accounting and a cover-up of massive losses at the camera giant.

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.