Olympus chairman pleads guilty

The former chairman of Olympus has pleaded guilty to charges of falsifying accounts ahead of his trial.

Tsuyoshi Kikukawa and other senior executives are accused of covering up losses of $1.7bn(£1.1bn) over a number of years. Two other former executives, as well as the company itself, also filed a guilty plea in Tokyo District Court, the BBC reports. They now face up to ten years in prison. The three admitted to hiding losses dating back to the 1990s, which were brought to light by British former chief executive, Michael Woodford. Woodford was dismissed from his post last year having been in the role for just two weeks, after he challenged Kikukawa and the board over suspiciously ...