In the wake of its CEO being pushed out and its chairman resigning, Japanese camera and imaging equipment maker Olympus has named a panel to investigate the payment of $687 million in advisory fees in connection with a deal announced almost four years ago.
At issue are the massive sums Olympus has now acknowledged paying to two advisory firms with ties to a pair of Japanese bankers in connection with the company’s agreement in November 2007 to acquire British medical equipment maker Gyrus for nearly $2 billion. The disclosure of those fees has prompted the FBI and SEC to open investigations into the the transaction, which closed in 2008.
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