Olympus and former executives plead guilty

Tsuyoshi Kikukawa Tsuyoshi Kikukawa said in court that the responsibility for the cover-up was his

Related Stories

Former Olympus chairman Tsuyoshi Kikukawa has pleaded guilty to charges of falsifying accounts, covering up losses of $1.7bn (£1.1bn), at the opening of his trial.

Two other former executives, as well as the camera firm itself, filed a guilty plea in Tokyo District Court.

They face up to 10 years in prison.

The three admitted to hiding losses dating back to the 1990s, which were brought to light by a former chief executive, Michael Woodford.

'Entire responsibility'

Mr Kikukawa said he regretted not revealing the accounting irregularities earlier.

"There is no mistake. The entire responsibility lies with me," Mr Kikukawa said in court on Tuesday.

He also apologised for the trouble caused to investors, customers, employees and the general public.

The scandal was revealed when Mr Woodford, the British chief executive, was dismissed from his post after he challenged Mr Kikukawa and the board over suspiciously large payments related to acquisitions.

An investigation was launched that revealed a cover-up of losses.

Mr Kikukawa, former executive vice-president Hisashi Mori and former auditing officer Hideo Yamada were arrested in February and later indicted on suspected violation of the Financial Instruments and Exchange Act.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories



  • Peaky Blinders publicity shotBrum do

    Why is the Birmingham accent so difficult to mimic?

  • Oliver CromwellA brief history

    The 900 year story behind the creation of a UK parliament

  • Image of Ankor Wat using lidarJungle Atlantis

    How lasers have revealed an ancient city beneath the forest

  • TheatreBard taste? Watch

    Are trailer videos on social media spoiling theatre?

  • Agents with the US Secret Service, such as this one, are responsible for guarding the presidentHard at work

    White House break-in adds to Secret Service woes

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.