Former Olympus execs face new charges over losses

Former Olympus executives face fresh charges over cover-up of losses

Associated Press

TOKYO (AP) -- Japanese prosecutors have pressed fresh charges against the former chairman of Olympus Corp. and two other executives over the cover-up of massive investment losses.

Tokyo prosecutors said Wednesday that Tsuyoshi Kikukawa and executives Hideo Yamada and Hisashi Mori face new charges of violating securities and financial laws for covering up losses between 2009 and 2011.

Olympus has said it hid 117.7 billion yen ($1.5 billion) in investment losses dating to the 1990s. The scandal surfaced last year.

The three Olympus executives were already charged for their role in the deception in 2007 and 2008.

Olympus as a corporation and two consultants at companies linked to Olympus were also charged Wednesday.

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