Shares in Olympus close down 29% at 16-year low

Shares in scandal-hit Japanese camera maker Olympus dived 29 percent at a 16-year low Tuesday following news that funds in past deals had been used to cover investment losses dating back to the 1990s. After having previously defended the payments, Olympus said Tuesday that a third-party panel found it had used inflated fees to advisers to cover its losses on securities investments. The panel was set up to probe claims of overpayments in four deals after the ousting of its British chief executive and president Michael Woodford on October 14 brought the payments into the spotlight.