Seven former officials and advisors to Olympus have been arrested for their alleged roles in the accounting fiasco at the company. See the Wall Street Journal article, Tokyo Makes Arrests in Olympus Scandal (article behind paywall).
I’ve discussed how to hide $1.5B (yes billion) of unrealized losses in a series of posts, starting here. My guest post at Re: The Auditors is here.
Key individuals arrested are:
…ex-Chairman Kikukawa, former Executive Vice President Hisashi Mori, former company auditor Hideo Yamada…
I’m learning that the Japanese legal and business systems are dramatically different from the U.S. That means I don’t really know how to interpret the implication of these arrests happening at all or why at this point, especially after the December raids on offices and homes.
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