6 Execs Charges In Olympus Loss Coverup Scandal

Published March 7, 2012 12:54PM (EST)

TOKYO (AP) — Japanese prosecutors have formally charged the former chairman of Olympus Corp. and five others in a high-profile scandal involving a coverup of massive investment losses.

Tokyo prosecutors said in a statement they formally pressed charges Wednesday against Tsuyoshi Kikukawa and five other former top officials at the Tokyo-based medical equipment maker.

The six men were arrested in mid-February.

Olympus has said it hid 117.7 billion yen ($1.5 billion) in investment losses dating to the 1990s.

The scandal surfaced late last year when then-President Michael Woodford raised questions about payments for financial advice and acquisitions of companies that were not related to Olympus' mainstay operations.

By Salon Staff

MORE FROM Salon Staff

Related Topics ------------------------------------------