In a statement, however, the Tokyo Stock Exchange warned Tuesday that the company could still be delisted if it failed to meet a Dec. 14 deadline to submit its latest financial statement. Olympus shares have already lost half their value since the scandal began in October.

Olympus issued a statement saying it “takes very seriously the results” of the report and that it was considering “further fundamental measures to restore confidence as soon as possible.” It also said that it was committed to filing its financial statements by the Dec. 14 deadline to avoid a delisting.

Olympus appointed the panel on Nov. 1, shortly after accepting the resignation of Tsuyoshi Kikukawa over the scandal and replacing him with Shuichi Takayama, who had been a managing director.

The report took pains to blame Mr. Kikukawa and a small circle of other executives who have already left the company, and stressed that possible legal action should not extend to others at Olympus. It said the company could be salvaged, seemingly heading off speculation that it might be carved up and sold.

The report left many open questions — as even the panel’s chairman at least partly acknowledged by saying that a forensic accounting by auditors would still be necessary, as well as the completion of investigations under way by Japanese and overseas legal and regulatory authorities.

In a news conference here, Tatsuo Kainaka, the panel’s chairman and a former judge of Japan’s Supreme Court, said it was still unclear how much of Olympus’s money had been siphoned off and where it had ended up. The report said there was a “continuing outflow” of money from the company.

“It is unclear how much went to who specifically,” Mr. Kainaka said. “There is no mistake that there was a flow of a substantial amount of funds, but we have not identified an amount.”