''Rotten to the core'', but no mafia connection, is the assessment of an independent panel investigating the management of Japanese camera company Olympus.
The panel found that an elaborate scheme was in place to cover up investment losses worth 132.22 billion yen ($US1.7 billion) - a practice brought to light by former chief executive Michael Woodford.
The BBC reports the panel is urging legal action against those who were involved in the cover-up. It also said that those who knew about the situation should be replaced.
Mr Woodford says Japan has to change its corporate governance.
The decision to sack Mr Woodford was taken unanimously by the Olympus board after he revealed the figures.
Trading in Olympus shares was halted in Tokyo after the report was released.
The Tokyo Stock Exchange says it is assessing the report and may consider delisting Olympus.
The exchange has already warned that the company may be delisted if it fails to file its accounts report by 14 December.