Olympus loses three top staff

THREE executives of scandal-hit electronics maker Olympus resigned with immediate effect yesterday ahead of a boardroom showdown with ousted chief executive Michael Woodford.

Former president and chairman Tsuyoshi Kikukawa; former vice-president Hisashi Mori and internal auditor Hideo Yamada, tendered their resignations from the board.

All three were blamed for playing critical roles in the cover-up of huge losses by paying vastly inflated takeover costs for worthless businesses, including a $687m (£440m) fee to a firm in the Cayman Islands.