Auditors cause $109m losses

AN internal investigation at Olympus found that five current and former auditors are responsible for $109 million (€86m) in losses linked to the Japanese company’s accounting scandal, and plans to sue them.

The panel’s report released yesterday said it found two accounting firms hired by Olympus as external auditors, KPMG Azsa and Ernst & Young ShinNihon, had not violated their fiduciary duties.

Olympus has admitted a cover-up of investment losses of $1.5 billion dating back to the 1990s and is suing 19 former and current executives for damages. The camera giant plans to file a lawsuit against the five men with Tokyo District Court.