Former Olympus Corp. Chairman Tsuyoshi Kikukawa received a suspended sentence for his role in a $1.7 billion accounting fraud that caused the Japanese camera maker's market value to plunge 80 percent.
Olympus itself, also the world's largest maker of endoscopes, was ordered to pay 700 million yen ($7 million) in fines by Tokyo District Judge Hiroaki Saito today. Former Olympus Executive Vice President Hisashi Mori and Hideo Yamada, a former auditing officer, also got suspended sentences.
Judge Saito's decision comes almost two years after revelations that the company had falsified financial reports to conceal losses on investments. The sentences reflect the defendants' claims that former Olympus presidents Masatoshi Kishimoto and Toshiro Shimoyama made the decision to hide losses, while he inherited the aftermath.
"Kikukawa and Yamada succeeded in a negative legacy and weren't involved in the decision-making process to hide losses," Saito said in court today. "They were distressed and didn't benefit personally from hiding losses. Mori followed their orders."
The camera maker still faces lawsuits by investors including State Street Bank and Trust & Co. and Government of Singapore Investment Corporation Pte Ltd. in a joint complaint seeking 19.1 billion yen in damages.
Personal information on some 22.6 million Benesse Corp. customers was stored in a smartphone used by a systems engineer arrested last week for allegedly stealing such data from the education service provider, the company has said. (Jiji Press)
A 49-year-old man arrested Saturday on suspicion of confining an 11-year-old girl at his house here has told police he wanted to be with the girl forever, according to a source related to the investigation. (The Japan News)
The Internal Affairs and Communications Ministry will develop a system to show Japanese TV programs with subtitles in foreign languages, including English and Chinese, to provide a more comfortable viewing experience for foreign visitors, according to sources. (The Japan News)
A series of water-related accidents across Japan during Marine Day on Monday has left six people dead, three missing and one in a critical condition, according to media and Fire and Disaster Management Agency reports. (Japan Today)
For the past three months, Tokyo Metropolitan Police have sought a woman believed to be responsible for the drugging and robbing of multiple men in the metropolis over the last two years. (Tokyo Reporter)
Police in Yashio, Saitama Prefecture, said Monday they are investigating the death of a 24-year-old man who came into a 7-Eleven convenience store, bleeding from stab wounds and died shortly after. (Japan Today)
In Japan, a country where structure, conformity and security are bedrocks, it is often hard for individuals to break free and follow a more idealized path. It is especially difficult when that path turns out to be somewhat ... eccentric. (CNN)
A so-called wide-area evacuation of Tokyo residents in the event of major flooding caused by the Arakawa river could reduce the number of people requiring rescue by 90 percent from current estimates, according to a simulation carried out by the Tokyo metropolitan government. (The Japan News)
Police in Kurashiki, Okayama Prefecture, said Saturday night that an 11-year-old girl who disappeared while walking on her way home from school last Monday afternoon, has been found unharmed after being confined in a man's home. (Japan Today)
SHIOGAMA, Miyagi Prefecture--Squeals of delight and the happy splashing of feet in the waves were heard on Katsurashima island's bathing beach on July 19, as it opened to public for the first time in four years. (Asahi)
Friday's landmark decision by the Supreme Court that permanent foreign residents of Japan are not entitled to welfare benefits will discourage more municipalities than ever from doling out such aid amid ballooning public assistance expenditures, experts said Saturday. (Japan Times)