Former Olympus Chairman, Others Indicted in Cover Up

The Mainichi Daily News reported that Tokyo prosecutors indicted six individuals, including former Olympus chairman and president Tsuyoshi Kikukawa, on charges of falsifying the firm’s financial statements for fiscal 2006 and 2007 to cover up massive investment losses.

The prosecutors also served arrest warrants on three former Olympus executives and former brokerage employee Akio Nakagawa over falsifications for fiscal 2008 to 2010, the Mainichi Daily News said.

The former Olympus executives are alleged to have cooperated with former security company employees in preventing what Olympus has said amounted to $1.5 billion in investment losses.

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