Charged Olympus, 3 former execs, 3 former advisers over loss-hiding scandal

Japanese prosecutors said Wednesday they have filed charges against Olympus Corp. and six individuals allegedly involved in the company's $1.5bn accounting scandal.

In a statement, the Tokyo District Public Prosecutor's Office said it has charged the company with falsifying financial statements for fiscal 2006 and 2007 in violation of Japanese financial law.

The individuals charged include former Executive Vice President Hisashi Mori and former company auditor Hideo Yamada as well as three outside investment advisers: Akio Nakagawa, Nobumasa Yokoo and Taku Hada.

In a separate statement, Olympus said it takes the charges seriously and will continue efforts to strengthen its corporate governance.

(Published by WSJ - March 7, 2012)