Japan's financial watchdog said Wednesday that it had slapped a $2.4 million penalty on disgraced camera and medical equipment maker Olympus over a huge loss cover-up scandal. The scheme saw Olympus executives hide about $1.7 billion in losses dating back to the 1990s through acquisitions and outsized consultant fees until its former British chief executive blew the whistle last year.
The 191.82 million yen ($2.4 million) fine ordered by Japan's Financial Services Agency comes after the scandal sparked lawsuits and dented Japan's corporate governance image.
Olympus said Wednesday it would pay the fine, and try to rebuild its tattered reputation.
"We take the situation seriously and are making efforts to prevent a recurrence in the future and regain trust," the company said in a statement.
The firm initially denied the cover-up allegations but eventually admitted wrongdoing, with Olympus and three former senior executives - including ex-president Tsuyoshi Kikukawa - charged over their role in the scandal.
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