A surprising news has surfaced the tech terrain that three former executives including former President Tsuyoshi Kikukawa of Japan's disgraced Olympus Corp have been arrested over their role in an accounting fraud. Mr Kikukawa has resigned in October after the scandal broke out. 

To rewind, Olympus has been dealing with a $1.7 billion accounting fraud that burst into open in October, which is causing a major dip in its share price. In addition, it is resulting to Company’s management disgrace and damaged balance sheets. 

The scandal broke out after former chief executive Michael Woodford claimed that he was fired for raising concerns about the company's accounting practices. Sources informed that Michael Woodford, 51 took charge as president in April after 30 years at the company, becoming one of only a handful of non-Japanese to run a large Japanese corporation. 

It is worth noticing that Olympus has sued 19 former and current executives over the issue.

It is reportedly said that the scandal resulted in the company's shares plunging more than 50 percent on the Tokyo Stock Exchange (TSE). 

Olympus is also under investigation by law enforcement agencies in Japan, Britain and the United States.

Let’s hope, Olympus will soon recover from the scandal. However, nothing can be said at this time. So, stay connected to get more information on this.  

ITVoir NewsDesk