OCPNY Olympus Corporation (PK)

The U.K. Serious Fraud Office has formally opened an investigation into suspect payments of $1 billion at scandal-hit Olympus Corp. (7733.TO), the Financial Times newspaper reported Tuesday on its website, citing an unnamed person familiar with the investigation.

The scandal emerged after the company ousted Chief Executive Officer Michael Woodford for questioning more than $1 billion in adviser fees, the report said.

The person said the Serious Fraud Office is working with authorities in other countries, according to the report.

A spokesman for the Serious Fraud Office declined to comment, and an email to an Olympus spokesman outside office hours wasn't immediately returned, the newspaper report said.

Full story:

http://www.ft.com/intl/cms/s/2/260aa57a-0fbd-11e1-a468-00144feabdc0.html