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The move by the Securities Exchange and Surveillance Commission stems from a whistle-blowing statement by former chief executive, Michael Woodford. The Briton brought a $1.7 billion accounting fraud scandal to light last year – and was promptly sacked.
False statements
According to The Daily Telegraph, Japan-based Olympus is accused of filing false financial statements in 2007 and 2008.
Last month, Tokyo prosecutors arrested ex-chairman Tsuyoshi Kikukawa, former executive vice-president Hisashi Mori and former auditor Hideo Yamada in connection with the scandal.
Former Japanese prosecutor, Shin Ushijima, told international news agency Reuters: ‘Most likely, the company will accept the charge, because the company’s main purpose is to recover as quickly as possible and they want to avoid any unnecessary conflict.’
Rapid recovery
Olympus has already proposed a new board of directors in an attempt to make a rapid recovery. According to The Independent, the new board is subject to approval at a shareholders’ meeting next month.
False statements
According to The Daily Telegraph, Japan-based Olympus is accused of filing false financial statements in 2007 and 2008.
Last month, Tokyo prosecutors arrested ex-chairman Tsuyoshi Kikukawa, former executive vice-president Hisashi Mori and former auditor Hideo Yamada in connection with the scandal.
Former Japanese prosecutor, Shin Ushijima, told international news agency Reuters: ‘Most likely, the company will accept the charge, because the company’s main purpose is to recover as quickly as possible and they want to avoid any unnecessary conflict.’
Rapid recovery
Olympus has already proposed a new board of directors in an attempt to make a rapid recovery. According to The Independent, the new board is subject to approval at a shareholders’ meeting next month.
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