3 executives from struggling imaging giant Olympus have actually pleaded guilty to improving the company’s true value in 2007 and 2008 by concealing losses in monetary statements. Previous chairman Tsuyoshi Kikukawa, ex-auditor Hideo Yamada and former VP Hisashi Mori were charged with fraudulence in the scandal, which was brought to light last year by ex-CEO Bob Woodford. He was fired by the Olympus board for blowing the sound, however supposedly obtained a large settlement for his problems. The company has since confessed to cooking the books as far back as the 90′s to conceal financial investment losses, and revealed in 2011 that it had a billion dollars less value than formerly stated. That, along with the unsatisfactory performance of its camera branch, has actually required Olympus to seek a partner or raise capital to endure.

Filed under: CamerasFormer Olympus

executives plead guilty in accounting fraudulence trial originally appeared on Engadget on Tue, 25 Sep 2012 01:40:00 EDT. Please see our terms for usage of feeds.

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