Olympus faces a u00a31.5m fine for submitting false accounting statements dating back to 2007, following advice given to Japan's prime minister by the countryu2019s financial services regulator.

Olympus faces a £1.5m fine for submitting false accounting statements dating back to 2007, following advice given to Japan’s prime minister by the country?s financial services regulator.

Olympus, which is currently under investigation over an accounting cover-up stretching back to the 1990s, today confirmed that Japan?s financial market watchdog has recommended the company be fined 191.82 million yen.

The recommendations were made by the Securities and Exchange Surveillance Commission, which is overseen by Japan?s Financial Services Agency (FSA) and, ultimately, the country?s prime minister.

The FSA has yet to decide whether to levy the fine.

In response, Olympus said it ‘accepted with sincerity’ the recommendation.

In a statement, the firm added: ?Upon receipt of the official note from the Financial Services Agency, we will consider an appropriate response and disclose our decision as soon as it is made.

?We sincerely apologise for causing trouble to our shareholders, investors, business partners, customers and other stakeholders.?

The move is part of ongoing legal proceedings.

Earlier this year, company officials were charged over the £1.1 billion cover-up, including ex-Olympus president Tsuyoshi Kikukawa and former executive vice-president Hisashi Mori.