Further action was taken today over the Olympus accounting scandal, with the arrest of the former chairman, Tsuyoshi Kikukawa, along with two other former executives.
The arrest came as part of a continuing business law investigation into the camera company, triggered last year when an accounting cover up of almost £1bn came to light; a cover up which hid two decades of company losses.
The scandal resulted in Olympus’s share’s losing more than 50% of their value on the Tokyo Stock Exchange, stock that is now under the watchful eye of the exchange itself until the latest accounts are filed.
Analysts watching the case closely say this is a good day for the company shareholders, with those involved in the fraudulent cover up finally being arrested. The firm will be holding a shareholder meeting soon, to elect new management.
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