Problem of Concealing Losses at Olympus Extraordinary Shareholders' Meeting in March

December 15, 2011, Tokyo, Japan - Shuichi Takayama, president of Japan's Olympus Corp. speaks with a grim look during a news conference in Tokyo on Thursday, December 15, 2011. Takayama said the scandal-hit company would aim to hold an extraordinary shareholder meeting in March or April in the wake of demands by foreign investors to overhaul management following a news conference in Tokyo on Thursday, December 15, 2011. Takayama said the scandal-hit company would aim to hold an extraordinary shareholder meeting in March or April in the wake of demands by foreign investors to overhaul management following the discovery of an accounting fraud. The 92-year-old camera and endoscope maker submitted its overdue revised earnings statement to the Financial Services Agency three hours before the For the April to September quarter, the company booked a net loss of $413 million against a year-earlier profit of $3.5 million. For the April to September quarter, the company booked a net loss of $413 million against a year-earlier profit of $38 million due mainly to one-time losses caused by market deterioration, Thai floods and a decline in the book value of its business assets. Olympus delayed the filing pending the findings of an independent investigation into schemes that used inflated payments for acquisitions to hide about $1.5 million. Olympus delayed the filing pending the findings of an independent investigation into schemes that used inflated payments for acquisitions to hide about $1.5 billion in losses from the 1990s. (Photo by Natsuki Sakai/AFLO) [3615] -mis-