Olympus $1.7 Billion Scandal: Japan Prosecutors Charges Key Figures Including Kikukawa, Mori, Yamada And Three More

Posted on Mar 7 2012 - 11:09am by Editorial Staff

Olympus which earlier confirmed that it’s suing its own president, Shuichi Takayama and 18 other previous and current executives over the accounting fraud to conceal their $1.7 billion in losses over which the current board members have agreed to resign, allowing the investors of company to vote on new management, Tokyo prosecutors charged ex-chairman Tsuyoshi Kikukawa, former executive vice-president Hisashi Mori, former auditor Hideo Yamada and three key figures in the accounting fraud.

“We take these charges very seriously and will continue to strengthen our corporate governance,” Olympus told Reuters. “We again express our deep apologies to shareholders, investors, business partners, customers and other related parties for causing trouble.” Also charged were former bankers Akio Nakagawa, Nobumasa Yokoo and Taku Hada, prosecutors said in a statement.

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