Probe finds elaborate cover-up at Olympus

By the Associated Press | December 6, 2011 | 2:00 AM EST

TOKYO (AP) — An independent panel probing an accounting scandal at Olympus Corp. confirms it found an elaborate scheme to cover up investment losses through exorbitant fees and expensive acquisitions.

In releasing its findings Tuesday, the panel credited ex-CEO, British national Michael Woodford, for bringing the wrongdoing to light.

The probe found that as of 2003, Olympus had racked up losses of 117.7 billion yen ($1.5 billion) from investment losses dating back years.

It said it also found no involvement of "anti-social groups," a reference to the Japanese mafia, as some news reports have speculated.