9.26.2012

Ex-Executives of Olympus Plead Guilty in Accounting Fraud

Olympus Corp. EX President Tsuyoshi KikukawaFormer executives of Japanese camera and medical equipment maker Olympus Corporation pleaded guilty on Tuesday over charges related to a $1.7 billion accounting cover-up of massive investment losses in one of Japan’s biggest corporate scandals.

Prosecutors charged Tsuyoshi Kikukawa; a former executive vice president, Hisashi Mori; and a former internal auditor, Hideo Yamada, with inflating the company’s net worth in financial statements for five fiscal years to March 2011.

The three former executives had been identified by an investigative panel, commissioned by Olympus, as the main suspects in the fraud seeking to delay the reckoning from risky investments made in the late-1980s bubble economy. Read full article at Pettir.com