Former Olympus executives arrested for megafraude

In Japan, a number of former executives of Olympus have been arrested. They are suspected of involvement in a large fraud cases, where an attempt was made to 1,67 billion dollars in losses for investors to hide.

Among the seven arrested are ex-chairman Tsuyoshi Kikukawa, former executive vice president Hisashi Mori and former auditor Hideo Yamada. The other four are financial advisors that the company assisted would have to conceal the losses, reports CNN. The current management of Olympus promises to cooperate fully with the investigation. Except in Japan as in America and England to investigate fraudekwestie.

The matter came to light when ex-ceo Michael Woodford of Olympus question put at the very high consultants fees that were paid for acquisitions in the past, and this internally commissioned research. Woodford was on the avenue is outputted. The former ceo had initially planned to go to the company to return, but saw this, because he has not the confidence of the investors.