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 Why I'm on the brink of burning my Israeli passport
- 2 Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
- 3 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
- 4 Iraq crisis: How Saudi Arabia helped Isis take over the north of the country
- 5 Barack Obama fist bumps Texas restaurant employee in support of gay rights
Scottish independence: Scots of Corby take matters into their own hands in mock referendum - and deliver overwhelming verdict
Protesters fight to save Arturo, the polar bear sweltering in baking hot zoo
Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
Supermoon 2014 in pictures: Moon appeared bigger and brighter at the weekend
Saharan remains may be evidence of first race war, 13,000 years ago
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
iJobs Money & Business
£35000 per annum: Harrington Starr: A world leading brokerage is looking for a...
£30000 per annum: Harrington Starr: My client, a researcher of investment idea...
£63000 per annum: Harrington Starr: A market leading provider of technology dr...
£55000 - £65000 per annum: Harrington Starr: A leading global exchange is look...