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Olympus has announced that it's considering embarking on legal proceedings against current and former executives for landing it in one of the juiciest accounting scandals in the history of Japanese business.

An external investigation has pointed fingers at ten individuals, one of whom is Shuichi Takayama, the current President of Olympus, who should bear responsibility for the ¥100 billion cover-up. If it were to sue them on the advice of the investigating panel - details of which will be released tomorrow - it could be for damages amounting to ¥90 billion.

As if law suits against directors past and present weren't sufficient, and not forgetting the on-going legal investigations, there's also talk that Michael Woodford will sue the company for unfair dismissal. Well, woudn't you, when you were sacked under the pretence of your manangement style not meshing with the company where you'd worked for 30 years, but most likely it was for uncovering a multi-million yen scandal? Thought so.

(Headsup to the BBC and Financial Times)

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© Daniela Bowker. This article has been licensed for use on Pixiq only. Please do not reproduce wholly or in part without a licence.