Seven Arrested In Connections With Olympus Scandal, Including Ex-Chairman
Looks like the scandal that’s sliced Olympus shares in half is finally bearing some results according to Bloomberg. Seven arrests have been made in response to the 13 year coverup of mispriced acquisitions resulting in a $1.3 billion dollar writedown of the company’s net assets. From Bloomberg: Olympus’s Tokyo headquarters and its affiliated offices were raided Dec. 21 by prosecutors after the company said in November that Kikukawa and two other executives colluded to hide losses from securities investments from the 1990s. The stock has plunged 48 percent since the Oct. 14 dismissal of its first non- Japanese president, Michael … Read more