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Olympus Scandal Results in Arrests of 9 Former Executives and Bankers

An investigation into Olympus Corp started in October after former CEO, Michael Woodford, exposed a major scandal. Results of the investigation have rocked the company and now include the arrest of 9 former executives and bankers according to Reuters.
 
TOKYO, Feb 16 (Reuters) - Japanese police and prosecutors have arrested seven men, including the former president of Olympus Corp and ex-bankers over a $1.7 billion accounting fraud -- one of the country's biggest corporate scandals.
 
Tokyo prosecutors arrested ex-president Tsuyoshi Kikukawa, former executive vice president Hisashi Mori and former auditor Hideo Yamada on suspicion of violating the Financial Instruments and Exchange Law, officials said on Thursday.
 
Read the rest of this sad story at Reuters. (thanks James)
Posted: 2/16/2012 5:39:14 PM CT   Posted By: Bryan
Category: Olympus News
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