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© grzegorz kula dreamstime.com Electronics Production | September 25, 2012

Former Olympus executives plead guilty to fraud

Three former executives at Olympus have pleaded guilty to charges of fraud.
Former Olympus Chairman Tsuyoshi Kikukawa, along with two other executives, have pleaded guilty to covering up losses of around 1.7 billion USD.

"The full responsibility lies with me and I feel deeply sorry for causing trouble to our business partners, shareholders and the wider public," Kikukawa said in the Tokyo district court. "I take full responsibility for what happened."

Claims of accounting fraud originally arose in October when sacked CEO Michael Woodford questioned several deals he said were used to cover losses. It has not yet been revealed what the former executives could face in penalites however laywers suggest the executives could serve up to ten years in prison according to Reuters.

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