Olympics: Japanese billionaire quits role

Japanese billionaire Yoshiaki Tsutsumi has quit his role as honour member of the International Olympic Committee.

The 70-year-old, once the world's richest man, was suspended last week pending an inquiry by the organisation's ethics commission.

Tsutsumi was arrested in his homeland last month on suspicion of fraud and insider trading after it was revealed that his Seibu Railway company had submitted false reports on its ownership structure.