THE ACCUSATIONS: Japanese prosecutors formally charged Olympus Corp.’s former chairman and five other people in a high-profile scandal involving a cover-up of massive investment losses.
ABOUT THE SCANDAL: It surfaced last year when then-President Michael Woodford raised questions about payments for financial advice and acquisitions of companies that were not related to Olympus’ mainstay operations. Olympus initially denied any wrongdoing but later acknowledged the hiding of investment losses.
ABOUT THE SIX: Besides the former chairman, those charged were two other former executives at the company and three men from consulting companies who collaborated in the scandal.
