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Olympus offices raided by police

Olympus
Authorities have raided Olympus HQ in the latest twist in the story
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The Japanese headquarters of Olympus, the camera manufacturer, have been raided by Japanese prosecutors investigating the firm's accounting practices.

Over the past couple of weeks, Olympus has admitted that it hid losses of $1.5bn over the past two decades, while the balance sheets have shown a $1.1bn deficit, while also declaring a loss of 32.3bn yen (£267m) for the past six months.

It's not known exactly why the offices have been raided, but Martin Schulz, an industry analyst speaking to the BBC said it ws a significant development that could mean there's a new twist to the tale. "I would suspect that any documents needed by the prosecutors could have been just requested for and devliered by Olympus," he said.

Committee

Japan has been rocked by the allegations that the Olympus scandal could have criminal connections, which had been denied by all at the company and later refuted by the independent advisory committee investigating the allegations.

Shares in Olympus have taken a nosedive since October, when the firm ousted its CEO Michael Woodford over what it called a "culture clash," but turned out to be the result of him trying to launch investigations into what had happened at the company in the past 20 years.

Other analysts said that raids on Olympus HQ was a sign that Japanese authorities wanted to ensure that companies were working within a given framework and following regulations.

Keep following for more on the Olympus story as it happens.

Via BBC News

Amy Davies
Amy Davies

Amy has been writing about cameras, photography and associated tech since 2009. Amy was once part of the photography testing team for Future Publishing working across TechRadar, Digital Camera, PhotoPlus, N Photo and Photography Week. For her photography, she has won awards and has been exhibited. She often partakes in unusual projects - including one intense year where she used a different camera every single day. Amy is currently the Features Editor at Amateur Photographer magazine, and in her increasingly little spare time works across a number of high-profile publications including Wired, Stuff, Digital Camera World, Expert Reviews, and just a little off-tangent, PetsRadar.