Fraud squad raids Olympus in Tokyo over corruption claims

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The Independent Online

Japan's fraud squad swooped on the scandal-hit technology firm Olympus yesterday as its $1.7bn (£1.1bn) corruption crisis deepened.

Investigators filed into the camera-maker's Tokyo offices as prosecutors, police and regulators joined forces to investigate one of Japan's biggest corporate scandals.

The 92-year-old firm shocked the world in October when it admitted that for the past two decades it had hidden huge investment losses in dubious acquisitions. The home of the company's former president Tsuyoshi Kikukawa, who resigned over the scandal, was also raided by investigators.

Olympus could be delisted if the criminal investigation uncovers serious offences. The company said it would "continue to co-operate fully" with authorities to bring the facts to light.

The scandal was triggered by its former chief executive Michael Woodford, who blew the whistle after being fired in October and is battling to get his job back.