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Olympus Ex-President Kikukawa Among Seven Arrested for Fraud

An update to the financial scandal over at Olympus, which has quieted down quite a bit in recent days: former Chairman and President Tsuyoshi Kikukawa has been arrested with six other people (including three former executives) for “suspected violation of Japan’s Financial Instruments and Exchange Act”. As you might remember, Kikukawa replaced ex-CEO Michael Woodford after Woodford’s abrupt dismissal and stated that the move was because Woodford — who’s from the UK — didn’t fit into the company’s culture. Less than two weeks later, Kikukawa himself stepped down as the company found itself in an international financial fraud case.

Olympus Ex-Chairman Kikukawa Arrested With Six Others After Payment Fraud [Bloomberg]


Update: Apparently Michael Woodford has being approached by Hollywood to discuss making a movie about his whistle blowing and the ensuing scandal.


 
  • Anonymous

    Saw that one coming. Took them long enough though.