Police raid Olympus HQ in cover-up scandal

21st December 2011, Comments 0 comments

Embattled camera-maker Olympus on Wednesday said police had raided its Tokyo headquarters as part of a probe into a massive cover-up that has shaken faith in corporate Japan.

"Today the Tokyo District Public Prosecutor's Office, the Tokyo Metropolitan Police and the Securities and Exchange Surveillance Commission raided our company," it said.

The development comes as investigators probe suspicions that former top executives led a $1.7 billion accounting fraud, with Olympus itself admitting the wrongdoing through a probe it commissioned.

Television pictures showed ranks of suited men carrying briefcases as they walked into the company's main office.

Media reports suggested raids were carried out on more than 20 locations, including the homes of former executives.

None of the those involved in the raids was prepared to comment when contacted by AFP.

© 2011 AFP

0 Comments To This Article