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Big fee: Olympus paid $687 mn to advisers

Olympus Corp acknowledged on Wednesday that it paid an unusually hefty $687 million fee to financial advisers when it acquired British firm Gyrus, confirming claims by ousted CEO Michael Woodford that lie at the centre of the dispute.

business Updated: Oct 19, 2011 22:05 IST

Olympus Corp acknowledged on Wednesday that it paid an unusually hefty $687 million fee to financial advisers when it acquired British firm Gyrus, confirming claims by ousted CEO Michael Woodford that lie at the centre of the dispute.

The Japanese company said it had paid the financial advisers $443 million to buy back preferred shares, but it did not name the financial advisers and said it had no knowledge of their whereabouts following the completion of the transaction.

Following the news, shares fell 4.3% at 1,356 yen on wednesday. The stock is down about 45% since the company announced Woodford's dismissal.