Criminal charges to be filed in Olympus scandal
Wednesday 07 March 2012
Japan's financial regulator is to file criminal complaints against the cameras and medical equipment maker Olympus, as well as former executives and outside advisers over the company's £1.1bn accounting fraud.
The move will be seen as a minor victory for Michael Woodford, the British chief executive sacked by the company last year after bringing the scandal to light.
The Securities and Exchange Surveillance Commission is requesting that criminal charges be filed against individuals allegedly involved in dubious mergers and acquisitions used to hide losses in one of Japan's biggest corporate scandals.
Tokyo prosecutors and the police last month arrested the ex-chairman Tsuyoshi Kikukawa, the former executive vice-president Hisashi Mori, the former auditor Hideo Yamada and former bankers advising Olympus on suspicion of hiding huge investment losses through complex takeover deals.
Olympus has proposed a new board of directors as it tries to recover from the scandal, subject to approval at a shareholders' meeting next month.
- 1 Double chins could be 'cured' without surgery or dieting using new injection
- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Christian blogger says she will not wear leggings in public because they entice men and cause them to look at her 'lustfully'
- 4 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
- 5 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Louise Mensch says 'F**K YOU' in explosive tweets about David Cameron, Saudi Embassy and the Queen over King Abdullah tributes
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...