6 execs charged in Olympus loss cover-up scandal

[March 08, 2012]  TOKYO (AP) -- Japanese prosecutors have formally charged the former chairman of Olympus Corp. and five others in a high-profile scandal involving a cover-up of massive investment losses.

Tokyo prosecutors said in a statement they formally pressed charges Wednesday against Tsuyoshi Kikukawa and five other former top officials at the Tokyo-based medical equipment maker.

The six men were arrested in mid-February.

Olympus has said it hid 117.7 billion yen ($1.5 billion) in investment losses dating 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 that were not related to Olympus' mainstay operations.

[Associated Press]

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