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Olympus Risks Foreign Backlash with New Board Line-Up

February 27, 2012
Japan's Olympus Corp proposed a new board of directors on Monday in an effort to recover from a $1.7 billion accounting fraud, but the line-up could face a hostile reception from foreign investors when it goes to a shareholder vote.

The maker of cameras and medical equipment said it had nominated an insider, executive officer Hiroyuki Sasa, to become president and former banker Yasuyuki Kimoto as chairman, subject to approval at its April 20 shareholders' meeting.

Kimoto was formerly an executive of Sumitomo Mitsui Banking Corp, Olympus's main lender



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