After more than three weeks of speculation, the company has disclosed details that could lead to one of the worst accounting scandals Japan has ever seen. In a stock market announcement threaded with apologies, the company said it been "engaging in deferring the posting of losses on investment securities".
The company's standing auditor Hideo Yamada has stepped down. Director discount jerseys and executive vice-president Hisashi Mori was immediately dismissed. In the statement, the company said Mr Mori was "found to be involved in such deferral in posting of losses."
Previous president and chairman Tsuyoshi Kikukawa has already resigned.
The revelation will be particularly embarrassing for KPMG and Ernst & cheap nhl jerseysYoung, both of which have audited Olympus in recent years.
KPMG stepped down in 2009 after a disagreement over how the $687m (£427m) advisory fees on the Gyrus acquistion was being accounted for. The accountant was replaced by Ernst & Young. The reason for KPMG's resignation was never revealed to the market.
The revelation of potential accounting fraud immediately nba jerseys cheap led to calls for the entire board to resign.
Southeastern Asset Management, a 5pc shareholder in Olympus, said: "We request that an extraordinary general meeting of shareholders is called to allow the remaining members of the board of directors and the board of corporate auditors to be replaced as soon as practical."
In a hastily convened press conference, current president of Olympus jerseys usa Shuichi Takayama denied any knowledge of what had occurred regarding in excess of $1bn in payments. "It is a fact that we carried out inappropriate accounting," he said, bowing twice in apology.
The controversy revolves around the reported $687m advisory fee paid on the back of Olympus's 2008 acquisition of UK medical group Gyrus. Over-valued prices paid on three further companies Altis, News Chef and Humaloabo have also been called into question.
Olympus's shares dropped again on Tuesday after the disclosure around false cheap nfl jerseys accounting. The total fall since former chief executive Michael Woodford first blew the whistle on the company has exceeded 60pc.
In a statement, Olympus said: "The company will continue its utmost effort to establish the truth of the case by the thorough provision of all information to the third party committee.
"The company would like to take this opportunity to sincerely offer our deepest apologies to its shareholders, investors, trading partners and other relevant parties for all inconvenience caused."