Japanese electronics manufacturer Olympus says it will consider legal action against executives responsible for covering up $1.7 billion in investment losses.

A somber Olympus President Shuichi Takayama apologized Wednesday for the scandal, suggesting the company could press charges against those who allegedly used suspicious business deals to disguise the losses.

Takayama said the company will set up separate independent committees to investigate the legal responsibility of senior executives, as well as determine the role played by the company’s auditors.

He also suggested Olympus’ entire board could be replaced as soon as the company provides its revised earnings report, which must be submitted by December 14 to avoid being de-listed from the Tokyo Stock Exchange.

Takayama’s comments came a day after an external panel blamed a small circle of “rotten” top management and “contaminated” senior executives for the scandal, which dated back to the 1990s.