Belfast Telegraph

Saturday 20 September 2014

Former Olympus chairman 'arrested'

Former Olympus chairman Tsuyoshi Kikukawa has reportedly been arrested over investment losses

Japanese media reports say prosecutors have arrested the former chairman of Olympus, which is embroiled in a scandal over a cover-up of massive losses.

Prosecutors would not immediately confirm the reports on Thursday by public broadcaster NHK and Kyodo News agency that Tsuyoshi Kikukawa had been arrested.

Tokyo-based medical equipment maker Olympus has said it hid 117.7 billion yen (£958 million) in investment losses dating back to the 1990s.

The scandal surfaced late last year when then-president Michael Woodford raised questions about payments for financial advice and acquisitions of companies unrelated to the company's mainstay businesses.

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