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Former Olympus chairman gets suspended sentence over accounting fraud

In 2011, the camera company admitted to hiding losses

A judge gave the former chairman of camera maker Olympus Corp., Tsuyoshi Kikukawa, a suspended sentence for the part he played in the $1.7 billion accounting fraud that nearly two years ago plunged the company into disrepute and a severe loss of market value. It came to light in 2011 that Olympus had been falsifying financial reports in order to hide losses it had incurred on its investments.

Tokyo District Judge Hiroaki Saito also gave suspended sentences to Hisashi Mori, Olympus’s former executive vice president, and former auditing officer Hideo Yamada. Saito also ordered Olympus to pay 700 million yen ($7 million) in fines.

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