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Report raps Olympus

AN independent panel has issued a damning report into the accounting scandal at Japan's Olympus.

The 178-page report, commissioned by the company, outlined that there needed to be legal action against executives behind the cover-up.

The panel criticised the camera maker's external auditors but it found no link with organised crime.

The £1.1bn scandal at the Japanese camera maker first emerged after sacked chief executive Michael Woodford went public with concerns over murky accounting and some expensive and questionable acquisitions.