Olympus Under Fire

TOKYO (Nikkei)--Olympus Corp. (7733) has decided to have two directors keep their executive officer posts in its new management team, The Nikkei learned Monday.

An influential shareholder advisory firm has recommended that Olympus shareholders vote against the company's nominees for chairman and president, highlighting the governance concerns hanging over the scandal-hit company.

WASHINGTON (Kyodo)--Michael Woodford, former president and chief executive officer of Olympus Corp., said Monday he is planning to launch a ''surprise'' action at an extraordinary shareholders meeting of the Japanese camera and medical equipment manufacturer slated for April 20, opposing a proposed new management lineup.

TOKYO (Kyodo)--Tsuyoshi Kikukawa, the former chairman of Olympus Corp. charged with falsifying the major medical equipment maker's financial reports for years to hide investment losses, was granted bail and released by the Tokyo District Court on Friday.

TOKYO (Dow Jones)--Closing another chapter in probes into the scandal that rocked Olympus Corp. (7733) last year, an independent panel of lawyers and professors on Thursday cleared Ernst & Young ShinNihon LLC of legal responsibility in its audit of the company's accounts.