(Reuters) - Japanese police and prosecutors have arrested seven men, including the former president of Olympus Corp and ex-bankers over a $1.7 billion accounting fraud -- one of the country's biggest corporate scandals.
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"Olympus has dismissed its executive vice president after admitting concealing losses on investments. In the most serious revelation since the departure of former chief executive Michael Woodford, the company said that funds from previous acquisitions had been used to hide losses on securities investments since the 1990s. The news saw Olympus shares fall in value by up to 30% during Tuesday's trading. Click here to read more details from BBC News 
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"Olympus's woes have deepened after the Tokyo Stock Exchange placed its shares 'under supervision' and warned of possible delisting. The news follows the admission thatsenior executives colluded for decades to hide investment losses from the market, and a subsequent statement from Olympus that it would not be able to submit its quarterly earnings report on schedule. The TSE has warned that the company will be delisted if the report is not submitted by 14th December, prompting a further fall in its shares which have now lost almost two-thirds of their value over the past month."
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