Former Olympus bosses are held
Friday 17 February 2012
"After going to hell and back this is a day to remember," said fired Olympus boss and whistle-blower Michael Woodford yesterday after seven executives who were involved in the cameras company were arrested in Japan.
He said he felt vindicated after Tokyo prosecutors held Tsuyoshi Kikukawa, former chairman of the scandal-struck company, and two other now-departed board members — former executive vice president Hisashi Mori and former auditor Hideo Yamada — on suspicion of their alleged role in a £1.1bn accounting fraud.
Mr Kikukawa resigned in October just after Woodford claimed he was fired for asking questions about dubious book-keeping.
Police also arrested ex-Nomura bankers Akio Nakagawa and Nobumasa Yokoo and two other individuals suspected of having a role in one of Japan's biggest corporate scandals.
Olympus initially denied the allegations of improper accounting.
Later, however, the company admitted to hiding losses for the past 20 years.
The camera group is now suing 19 former and current executives, including its present president, Shuichi Takayama, for damages worth ¥3.61bn (£29.6m).
- 1 Strictly Come Dancing 2014: Gregg Wallace joins line-up as final celebrities revealed
- 2 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 3 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 4 Oil tanker with $100 million cargo goes missing off Texas coast
- 5 George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...
£50000 per annum: Harrington Starr: DevOps Engineer (Systems Administration, L...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...
£50000 per annum: Harrington Starr: Financial Technical Consultant (C++, C#, F...