16.02.2012
Former Olympus Chairman and President Tsuyoshi Kikukawa is
one of seven men arrested on fraud charges today.
Also arrested were two other former Olympus
executives – former Vice President Hisashi Mori and former Auditor Hideo
Yamada. The three managers are suspected to have falsified Olympus Corp’s
financial reports in a 110 billion yen ($1.7billion) investment loss cover-up. Nobumasa
Yokoo and three other employees of a major securities company have also been
arrested on grounds that they advised Olympus
with fault accounting schemes.
The maximum penalty for the charges the executives face is
10 years in prison or a 10 million yen ($128,000) fine.
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