Of course they can yes. As the above poster/s stated the Olympic Committee comes down very hard on anyone using their trademarked name.
Fair enough perhaps if you have a company which is completed unrelated to sports, take Olympic Airlines for example from Greece, their national carrier, in general though, you can bet your bottom dollar that if you try to develop these names with any reference whatsoever to sporting events in whatever way shape or form, they'll come down on you like a ton of bricks.
Too, this kind of cyber squatting does absolutely nothing at all for our industry, it just causes more bad impressions and is the exact opposite of what we, as professional domainers need.