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Former Olympus chairman 'arrested'

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.


From Belfast Telegraph