JAPAN'S scandal-hit Olympus said yesterday it would hold an extraordinary general meeting (EGM) of shareholders on April 20, at which the company is expected to select a new management board.

Olympus president Shuichi Takayama (picture) and five other current board members, who are being sued by the camera and endoscope maker over a scandal in which US$1.7 billion in investment losses were hidden, are expected to resign at the EGM.

Takayama said last month a new management team would be nominated in mid-March and selected at the shareholders meeting. Olympus said in a statement that the EGM would take place on April 20.

Olympus's admission last year that a small group of top executives used overpriced deals to cover up bad investments dating back to the 1990s has shaken confidence in Japanese corporate governance.AFP