re: New Olympus CEO fired after raising questions on $1.5B in hidden losses

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Olympus Corp. said three executives helped conceal decades of losses by paying inflated fees to takeover advisers, the first admission of wrongdoing since accusations from its former chief executive officer engulfed the Japanese camera maker four weeks ago.

Olympus shares plunged by the daily limit and pulled other Japanese equities lower on concerns the country hasn’t escaped corporate governance weaknesses that have dogged it since the stock market bubble burst at the end of 1989. Allegations by Michael C. Woodford have wiped 70 percent from the value of the company’s stock since he was axed as CEO on Oct. 14

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