Tsuyoshi Kikukawa

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Olympus Corp., the Japanese camera and endoscope maker that admitted a 13-year accounting fraud, and six individuals were indicted by prosecutors for falsifying securities reports, increasing concern the probe may widen.

Former chairman Tsuyoshi Kikukawa, former executive vice president Hisashi Mori and ex-auditing officer Hideo Yamada, were prosecuted, according to a faxed statement from the Tokyo District Public Prosecutor's office today. The three were arrested last month for suspected violation of Japan's Financial Instruments and Exchange Act.

The endoscope maker's market value has tumbled 48 percent since the Oct. 14 dismissal

The Japanese authorities arrested seven central figures in the huge accounting scandal at Olympus - including the camera maker's former chairman and executive vice president - on Thursday as part of investigations into a decade-long cover-up that has prompted concern over what critics say is lax corporate governance at Japanese companies.

Tsuyoshi Kikukawa, a former chairman and president of Olympus, was arrested in Tokyo along with two other former executives on suspicion of having falsified financial statements, Tokyo prosecutors said. Two former investment bankers suspected of helping to set up the cover-up

Olympus Corp. Chairman and President Tsuyoshi Kikukawa quit after allegations over acquisitions wiped out more than half the company's market value in two weeks and as the chief executive officer he fired prepares to meet U.S. criminal investigators.

Shuichi Takayama, head of the unprofitable camera division, succeeded Kikukawa as president today, Olympus said in a statement to the Tokyo Stock Exchange. Kikukawa will remain as a director, it said.

Kikukawa's resignation after almost five decades at the camera and medical-devices company follows the ouster 12 days ago of Michael C. Woodford as president.

Few boardroom scandals have the flair of the one shaking Japan's Olympus Corp. Each new turn brings fresh questions, like who is Hajime Sagawa and how did he score $680 million from the firm?

A company in turmoil is never a pretty sight. But few corporate crises are as ugly -- and strange -- as the one afflicting Olympus Corp. Olympus is a global brand, but its company usually doesn't make headlines. Over the years, most of us have bought at least one of its cameras, binoculars or digital voice recorders, without much thought to its executives

Olympus held a dedication ceremony Thursday to celebrate the relocation of its headquarters for the Americas to Center Valley, Pa. The event was attended by various Olympus and Pennsylvania government VIPs including Tsuyoshi Kikukawa, president, Olympus Corporation; Mark Gumz, president and chief operating officer, Olympus America Inc; and Dennis Yablonsky, secretary of Pennsylvania’s Department of Community and Economic Development. The move transports the corporate headquarters roughly 125 miles west from Long Island to Center Valley, where they’ll set up shop in a 337,400 square-foot building in the Stabler Center. Said Gumz, “I would like to thank Governor Rendell for championing Olympus’ relocation to

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