Former Olympus chairman arrested in accounting probe
13:00, 16 February 2012
LONDON. February 16. KAZINFORM Former Olympus chairman Tsuyoshi Kikukawa and two other former executives have been arrested as part of the continuing investigations into the camera company.
The firm is being probed for an accounting cover-up after it admitted to hiding $1.7bn (£1bn) in losses over two decades, BBC News reports.
Mr Kikukawa resigned in October after the scandal broke out.
Olympus has sued 19 former and current executives over the issue.
Former executive vice president Hisashi Mori and former auditor Hideo Yamada are the other two peole who were arrested.
"This is the first solid increment, taking a system that has governed itself on informal rules, to the one that is based on formal rules and law," Kenneth Cukier of The Economist told the BBC.
For full version go to http://www.bbc.co.uk/news/business-17054089