February 16, 2012 02:27 pm EDT

Former Olympus chairman Tsuyoshi Kikukawa comes down from the mount, into police custody

If you've been following the latest camera industry accounting scandal, then you're probably well aware that all is not well at Olympus. The Japanese company took its latest blow today when former chairman Tsuyoshi Kikukawa was arrested in Tokyo on suspicion of having falsified financial statements. The Tokyo prosecutor's office released a statement saying that two other former execs were also brought into police custody, including Hisashi Mori, a former executive vice president, and Hideo Yamada, a former auditor. Olympus is also faced with the possibility of being delisted from the Tokyo Stock Exchange -- the decision has been deferred awaiting further evidence. So what does all this mean for the scandal-ridden camera maker's position in the industry? Little, perhaps, from a consumer perspective, considering that Olympus has continued to announce and ship new products, including the well-received EM-5. The fate of its former executives, however, is less auspicious.

Former Olympus chairman Tsuyoshi Kikukawa comes down from the mount, into police custody originally appeared on Engadget on Thu, 16 Feb 2012 09:27:00 EDT. Please see our terms for use of feeds.

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