Olympus and former executives plead guilty

  • Former Olympus chairman Tsuyoshi Kikukawa pleaded guilty to charges of falsifying accounts and covering up losses of $1.7 billion at the opening of his trial on Tuesday.

    Two other former executives, as well as the camera firm itself, also 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 uncovered by former chief executive, Michael Woodford.

    Woodford was dismissed from his post after he confronted Kikukawa and the board over the suspect figures.

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