News Summary: Olympus ex-president pleads guilty

AP News
Posted: Sep 25, 2012 12:37 PM
News Summary: Olympus ex-president pleads guilty

WHAT HE DID: Olympus Corp.'s former president Tsuyoshi Kikukawa admitted guilt Tuesday in a cover-up of investment losses at the Japanese camera and medical equipment maker.

BACKGROUND: The scandal emerged last year when Michael Woodford, the British chief executive turned whistleblower, raised questions about payments for financial advice and acquisitions. Woodford was later fired.

THE OTHERS: Tokyo prosecutors have charged the company, Kikukawa and other officials with violating laws regulating securities exchanges by falsifying company financial statements. Two other former executives also pleaded guilty Tuesday. Olympus' new president entered a guilty plea on behalf of the company.