Legal action has been asked over Japan's Olympus Corp’s scandal in which executives were alleged of covering investment losses up to $1.7 billion. The scandalous activity of the executives forced Michael Woodford to resign from the post of President from the organization.

Michael Woodford is now working separately to solve the mystery behind the scandalous act of the executives. An independent panel, investigating over the case, has revealed that the shameful incident took place within the organisation with the help of top executives, who have been alleged of being corrupt.

The alleged executives of Japan's Olympus Corp have been hiding the facts since 1990. The report compiled by the independent panel said, “The management was rotten to the core and contaminated what was around it, creating in the worst sense a group mentality of the typical salarymen”.

During the investigation, the company has denied of being involved in any of the treacherous acts, but later on it confessed that it had used a $687 million fee for financial advice when it bought British medical instruments maker Gyrus Group. It further confessed that it kept its losses through overpayments of acquisitions under covers.

Six employees of the company have been alleged of being involved in the treacherous act. The alleged executives include President Tsuyoshi Kikukawa, Executive Vice President Hisashi Mori and Auditor Hideo Yamada. However, all of the alleged executives have resigned from the company.

It has been informed that other executives who are suspected to be alleged in the act are planning to resign. The dubious accounts made by the company couldn’t save them long from the clutches of the government.

Woodford is confident that the panel would be able to solve the mystery behind the case. It praised the panel for revealing the hidden facts from the public about the company.