THREE FORMER EXECUTIVES at Japanese camera maker Olympus have pleaded guilty to charges related to a $1.7bn (£1bn) accounting fraud.
Tokyo prosecutors charged former president Tsuyoshi Kikukawa, former executive vice-president Hisashi Mori and former director and auditor Hideo Yamada for falsifying accounts to hide massive investment losses at the company.
Reports suggest they could face up to ten years in prison, while Olympus can be penalised with a fine of up to £5.5m.
The scandal was revealed last year when British ex-chief executive Michael Woodford turned whistleblower and raised questions about suspicious merger and acquisition payments.
In January, auditors KPMG and Ernst & Young were cleared of any responsibility for the accounting black hole discovered at Olympus.
Law Society claims that the public interest cannot prove to have been served by the ICAEW's move into probate - and as such should not be used by the institute as evidence to back its push into further legal services
Three men involved in the elaborate fraud were handed jail sentences for their crimes
CIoT has come out against the government’s latest anti-tax evasion legislation, labelling it as “very problematic for businesses”
HMRC is under fire for allegedly obtaining warrants unlawfully for the detainment of four former KPMG partners