Three ‘OLYMPUS’ board executives have Suspended

Three directors have resigned the Japanese camera-manufacturer Olympus, which is involved in one of the country's most evil most evil business scandals.

The company acknowledged covering up massive losses for decades after previous chief executive Michael Woodford inquired huge payments made to advisors.

Mr. Woodford, who was dismissed last month, has held a meeting with the board that he explained as positive.

Shares in the company rose by 25% along with a hope that the company can avoid delisting.

Mr. Woodford had inquired about $1.3bn (£840m) in consultancy charges paid to ambiguous companies, as well as money spent on captures that was then hugely written off.

Olympus primarily refused misconduct, but then accepted it had been covering up massive investment failures.

Mr. Woodford was able to participate the board meeting because he presently remains a director of the firm.

The three ex- directors who will now not be present as well as Tsuyoshi Kikukawa, who quit as chairman last month, but awaiting Thursday remained in a non-administrative responsibility.

Olympus will have to work hard to mend its ruined status.

The two other directors who have now stood down from the board are the firm's past vice president and ex-auditor.

Olympus has until 14 December to file its fresh six-month outputs or else be de-listed from the Tokyo Stock Exchange.

Mr. Woodford, who has supporting numerous Olympus' biggest shareholders, has said he would be ready to return to the chief executive post.

But, most spectators say it is not likely that the Olympus board will reappoint him.

Analyst Martin Schulz, from Tokyo-based Fujitsu Research Institute, told the BBC's Asia Business Report: "It will most probably be somebody who has been following the scandal this is hired the newly chief executive.

"I would quite presumption it will be someone from within the company, from the winning core of the frim, which has a very lofty interest of achieving this company going again."

The verdict to dismiss Mr. Woodford was taken collectively by the Olympus board.