New criminal charges were made against former Olympus top executives by the Japanese government last week. The first charges were made in February stemming from $1.7 billion in losses at the company which were hidden by company leaders.
Chief executive Tsuyoshi Kikukawa, two other company executives and at least three consultants and financial advisors have been snagged in this uncovered cover-up. Kikukawa spent 20 days in prison since the initial charges. These financial advisors were paid $687 million in fees during the cover up, allegedly to enable the process.
The venerable Japanese had been a leading camera maker in the pre-digital days. The company reported a loss of 33.09 billion yen ($426 million). The previous year had profits of 5.84 billion yen. The company “has sued 19 former executives for the cover-up,” according to the BBC.