Following the resignation of three board members over the past month, as the company is facing accusations of fraud, Olympus has now announced that the entire board of directors intend to step down as soon as a shareholders meeting can be organised.

The meeting is expected to take place in February, and could see Olympus' shareholders appoint new board members.

The announcement comes after an external investigation found that some of Olympus' executives had covered up more than 13 years of company losses. The fraud was first revealed by Olympus' former chief executive, Michael Woodford in October. Since then, Olympus' share price has fallen by more than 50%.

In a statement sent to Amateur Photographer, Woodford comments: "Olympus remains a great company that boasts a proud history, superior human resources, distinctive products, and unparalleled technology. I look forward to working with shareholders and employees to revitalise Olympus and steer the company towards realising its tremendous potential."