17 Feb, 2012
In the latest development of the ongoing Olympus fraud investigation, it has emerged that seven of the company’s executives have now been arrested in relation to it.
The group of arrestees, which includes former chairman Tsuyoshi Kikukawa, are under suspicion of aiding the process of hiding around $1.5bn (£968m) of losses over a twenty year period by submitting inaccurate tax reports.
It is claimed that the men were in breach of the Japanese Financial Instruments and Exchange Act.
Although these are the first arrests related to the scandal, the story has been developing for some time, and Olympus first filed its lawsuit against several of the executives under suspicion back in January.
If convicted, the men could face custodial sentences of up to ten years.