Olympus ex-chairman admits to fraud charges in court

6 years ago by in Business, Featured

Former chairman of All Japan newsese company Olympus Tsuyoshi Kikukawa, aged 71, pleaded guilty to covering up the firm’s massive investment losses at a first hearing of his trial at the Tokyo District Court.

So did other two former executives of the company, former auditor Hideo Yamada, 67, and former executive vice president Hisahi Mori, 55.

All three admitted that they submit to the Finance Ministry false financial reports that overstated Olympus’ actual net assets by Y41 billion, to Y118 billion, over a five-year period through fiscal year 2010, Kyodo reported.

The scandal came to light late last year after then-President Michael Woodford raised questions about huge payments for financial advice and expensive acquisitions of companies unrelated to the company’s mainstay businesses. Olympus first denied, then admitted the allegations.

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