ARRESTED: Japanese prosecutors arrested three former Olympus Corp. executives including the company’s ex-chairman. The arrests were in connection with their alleged roles in orchestrating a cover-up of massive losses at Olympus.
ABOUT THE SCANDAL: The scandal surfaced last year when then-President Michael Woodford raised questions about huge payments for financial advice and acquisitions of companies unrelated to the company’s mainstay businesses.
HIDING BAD NEWS: Olympus at first denied any wrongdoing but later acknowledged it hid 117.7 billion yen ($1.5 billion) in investment losses dating back to the 1990s.
