Tokyo police, prosecutors and the securities watchdog will likely launch a raid on the offices of disgraced Olympus Corp this week on suspicion the company falsified financial accounts, Kyodo News has reported, citing investigative sources.
The raid has been expected to follow a re-statement of Olympus's financial records, which were presented on December 14 and revealed a $1.1 billion dent in its balance sheet after a 13-year fraud.
The planned search by Tokyo prosecutors, likely to be conducted jointly with police and the Securities and Exchange Surveillance Commission, follows mounting allegations that former Olympus executives led the accounting fraud, Kyodo said.
Kyodo cited the sources as saying prosecutors hoped to build cases by the end of March against former Chairman and President Tsuyoshi Kikukawa, former corporate auditor Hideo Yamada, and former Executive Vice President Hisashi Mori.
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