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 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
The Hubble Space Telescope's amazing journey 25 years on
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
Earthworms rain down from skies over Norway, puzzling scientists
18th century sex toy found in 'toilet of sword fighting school' in Poland
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Russian warships in English Channel 'to conduct anti-aircraft and anti-submarine military drills'
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...