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OKYO(AFP) ― Japanese prosecutors said Wednesday they had charged scandal-hit Olympus and three former senior executives over a huge loss cover-up.
It came as the 20-day detention period of former president Tsuyoshi Kikukawa, named as a key player in a scheme to shift $1.7 billion of losses from the camera-maker’s balance sheet, expired.
Tokyo District prosecutors said Kikukawa, two other former Olympus executives, Hideo Yamada and Hisashi Mori, and three financial advisers conspired to falsify the company’s balance sheet in fiscal 2006 and 2007.
The same charge was also laid against Olympus as a corporate entity.
Prosecutors also arrested the three disgraced former Olympus officers and financial adviser Akio Nakagawa for lying in financial documents relating to fiscal 2008 and fiscal 2009 as well as in 2011.
It came as the 20-day detention period of former president Tsuyoshi Kikukawa, named as a key player in a scheme to shift $1.7 billion of losses from the camera-maker’s balance sheet, expired.
Tokyo District prosecutors said Kikukawa, two other former Olympus executives, Hideo Yamada and Hisashi Mori, and three financial advisers conspired to falsify the company’s balance sheet in fiscal 2006 and 2007.
The same charge was also laid against Olympus as a corporate entity.
Prosecutors also arrested the three disgraced former Olympus officers and financial adviser Akio Nakagawa for lying in financial documents relating to fiscal 2008 and fiscal 2009 as well as in 2011.
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Articles by Korea Herald
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