LUSANNE, Switzerland, April 27 (UPI) -- The International Olympic Committee Wednesday accepted Japanese tycoon Yoshiaki Tsutsumi's offer to quit his post over a financial scandal.
Last week, the IOC executive board upheld an ethics panel recommendation that Tsutsumi, 70, be stripped of his honorary post with the global Olympic body and suspended him. The former head of railway giant Kukudo Corp. was indicted in Japan earlier this year following accusations he made false reports on the firm's holdings and of insider training.
Tsutsumi offered to step down Monday.
"The IOC has accepted Mr. Tsutsumi's decision, which thereby ends the procedure before the IOC Ethics Commission," the IOC said in a statement.
Tsutsumi previously served as head of the Japanese Olympic Committee and was awarded the Gold Olympic Order in 1991.