The Japanese public prosecutor’s office has launched raids in the headquarters of Olympus and the home of Tsuyoshi Kikukawa, the former chairman of the company. The raids are part of an investigation into large-scale fraud.
Olympus said in a statement to fully cooperate with the investigation and has publicly apologized for the disguising of losses due to bad investments in the nineties. This is read by ABC News.
Also in the house of the former chairman of Olympus, Tsuyoshi Kikukawa, and the offices of three companies that participated would have to fraudeschandaal the Japanese justice raids done. Kikukawa would the leadership have given to the cover-up.
The losses as a result of the disastrous investments amounted at the peak to about 1,58 billion euro. The matter came to light when ex-ceo of Olympus Michael Woodford questioned, on the very high consultants fees that were paid for acquisitions in the past, and this internally commissioned research.
Woodford wants the entire board of Olympus, including current president Shuichi Takayama, resign. He is trying to lead the company again. Probably used Woodford the next shareholders ‘ meeting for this purpose. A date for this meeting has not yet been established.