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Japan's Securities Exchange and Surveillance Commission (SESC) may recommend to the Japanese Financial Services Agency (FSA) imposing a levy on Olympus for false financial reports, a move that could prevent a delisting of the company's shares, says Reuters.

The SESC may also recommend that criminal charges be sought against former executives and others involved in dubious acquisition deals used to hide massive investment losses, says a Reuters source.

An independent panel investigating Olympus's accounting and operations has discovered a cover up of past investment losses through excessive advisory fees and valuations of M&A deals, including Olympus's 2008 takeover of Britain's Gyrus Group and three small Japanese enterprises. Olympus admits that it engaged in an "improper" scheme.

Meanwhile, Olympus has invited its bankers to a meeting on 16 November to discuss its credit lines. Major lenders including Sumitomo Mitsui Financial Group,  Mitsubishi UFJ Financial Group (MUFG) and Mizuho Financial Group are expected to attend, reports the Wall Street Journal. Sumitomo Mitsui Banking has lent Olympus US$1.2 billion, while Bank of Tokyo Mitsubishi has about US$1 billion in exposure to the company.

According to MUFG President Katsunori Nagayasu, the bank will decide what steps to take after the independent panel issues its final report. "It's a big problem, and I feel disappointed that this kind of thing could happen in this day and age," he said.

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