Olympus ex-chairman pleads guilty to falsifying accounts September 25, 2012 - 12:27 AMT PanARMENIAN.Net - Former Olympus chairman, Tsuyoshi Kikukawa, has pleaded guilty to charges of falsifying accounts, covering up losses of $1.7bn, in a trial that began Tuesday, Sept 25, BBC News reported. Two other former executives, as well as the company 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. Kikukawa said he regretted not revealing the accounting irregularities earlier. "There is no mistake. The entire responsibility lies with me," Kikukawa said in court. He also apologized for the trouble caused to investors, customers, employees and the general public. The scandal was revealed when Woodford, the British chief executive, was dismissed from his post after he challenged Kikukawa and the board over suspiciously large payments related to acquisitions. An investigation was launched that revealed a cover-up of losses. 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.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals  Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation.Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush.Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year.Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. |
