Olympus Corp, the Japanese technology company, recently reported its potential breach of the Foreign Corrupt Practices Act (FCPA) in relation to a doctor-training programme in Brazil to the United States Department of Justice (DoJ). The breach relates to the handling of doctors' expenses payments by Olympus. The DoJ's investigation is ongoing.
The disclosure by Olympus follows its admission to serious accounting irregularities in 2011, that caused significant losses to shareholders. Olympus has since replaced its entire board of directors, introduced a new compliance committee and added new measures to encourage whistle-blowers.