Olympus And Former Execs Pleaded Guilty Over Huge $1.7 Billion Accounting Fraud

Posted on Sep 25 2012 - 6:37am by Editorial Staff

The long hit Japan’s biggest corporate scandals, a huge Olympus $1.7 billion accounting fraud finally come to a halt as Reuters reporting that three formers executives of Olympus pleaded guilty on Tuesday. Prosecutors charged ex-chairman Tsuyoshi Kikukawa, former executive vice-president Hisashi Mori and former auditor Hideo Yamada with inflating the company’s net worth in financial statements for whole five fiscal years to March 2011.

“The full responsibility lies with me and I feel deeply sorry for letting down our business partners, shareholders and the wider public,” Kikukawa told the Tokyo district court at the start of the trial. “As the president of the company I take full responsibility for what happened,” he added.

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