Ex-Olympus Chairman Admits Accounting Fraud Role in Court

Olympus Corp.’s former Chairman Tsuyoshi Kikukawa pleaded guilty to covering up losses at the Japanese camera maker in an accounting fraud case that sparked criticism of ineffective corporate governance in Japan.

“The entire responsibility lies with me,” Kikukawa said in Tokyo District Court today, the trial’s first day. “The action troubled shareholders, business partners, employees and the public.”