The chairman of major publisher Kadokawa was indicted by prosecutors on Tuesday for allegedly bribing a then-Tokyo Olympic organizing committee executive in a move that will further deepen the scandal surrounding the Summer Games last year.

Tsuguhiko Kadokawa, 79, is suspected of giving ¥69 million in bribes to the former executive, Haruyuki Takahashi, 78, in return for the company being selected as a sponsor of the games. Kadokawa has consistently denied the allegation since his arrest on Sept. 14, according to the prosecutors.

Following the indictment, Kadokawa said through his lawyers that he intends to step down from the chairman's post. The company will hold a news conference on Wednesday.