Olympus ex-chairman pleads guilty to falsifying accountsSeptember 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 Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. 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". Partner news | IDBank, Dalma team up for Caucasian Deer Reintroduction Program IDBank has joined Dalma Garden Mall’s Green Challenge to support the Caucasian red deer reintroduction project. Through Ucom’s support the 12th Sunchild Festival concludes On May 24-28, with the support of Ucom, the 12th international environmental festival Sunchild took place in Yerevan. U.S., Turkey emphasize importance of Armenia-Azerbaijan peace deal Jake Sullivan and Akif Cagatay Kilic have discussed the normalization process between Armenia and Azerbaijan. Armenia coach expects good football in Slovenia friendly The Armenian national team has left for Ljubljana a friendly match against Slovenia on June 4. |