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Olympus Ex-Bosses Plead Guilty to Fraud

Posted on September 26, 2012
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Three executives from Olympus have plead guilty to fraudulently boosting the company’s true value from 2007 to 2008 by concealing losses in their financial statements.

The executives–namely former chairman Tsuyoshi Kikukawa, former auditor Hideo Yamada, and former vice president Hisashi Mori–were charged with fraud, which was revealed last year by Olympus’ ex-CEO Michael Woodford. The company’s board of directors fired Woodford for blowing the whistle, but reportedly received a large settlement in the process.

Since then, the company revealed that they actually have been cooking the books as far back as the 1990s to conceal investment losses. They also confessed in 2011 that Olympus had a billion dollars less in value than previously stated. This has forced Olympus to look for a partner to raise capital.

Source: Reuters, via Engadget

 
 

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