Former boss Michael Woodford discusses Olympus charges

March 7th, 2012

BBC News
March 7, 2012

Japanese prosecutors have charged camera-maker Olympus and three of its former executives in connection with a $1.7bn (£1bn) accounting cover-up.

Ex-chairman Tsuyoshi Kikukawa, former executive vice-president Hisashi Mori and former auditor Hideo Yamada are among those charged with falsifying securities reports.

Olympus has admitted to hiding these losses for over twenty years, in one of Japan’s biggest corporate scandals.

The three were arrested last month.

The scandal came to light in October last year after former chief executive Michael Woodford claimed that he was fired for questioning accounting practices at the firm. He discussed the charges brought by Japanese prosecutors against the company and some of its executives.

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