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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.

Both Kikukawa and Yamada were sentenced to three years of jail time suspended for five years, and Mori received two and a half years in jail, suspended for four years. These sentences take into consideration the defendants’ allegations that Olympus’s former presidents, Masatoshi Kishimoto and Toshiro Shimoyama, were the ones who decided to hide the losses, sticking the defendants with the consequences.

Read more at Bloomberg.

 

Brush up on the Olympus scandal on InsideCounsel:

Former Olympus CEO settles lawsuit over his dismissal

Japanese prosecutors raid Olympus offices

Report released on Olympus’s investment loss cover-up

Olympus admits to hiding losses

Olympus says ex-CEO leaked company secrets

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