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.
The Islamic State group posted a new video with a still image of Japanese hostage Kenji Goto on Tuesday night, with the voice of a man warning there are only 24 hours left to save the lives of both Goto and a Jordanian air force pilot who is also being held by the group. (Japan Times)
Social media users around the world have deluged a special Facebook page calling for the safety of Japanese hostage Kenji Goto, who is being held captive by the Islamic State extremist group, with selfies proclaiming "I AM KENJI." (Asahi)
Tokyo Metropolitan Police on Monday the arrest of a former organized crime member for the sale of stimulant drugs to musician Aska two years ago, reports Nippon News Network (Jan. 26). (Tokyo Reporter)
Fukuoka Prefectural Police on Monday took the acting chairman of the Kudo-kai organized crime group into custody for allegedly blackmailing the owner of a building, reports the Yommiuri Shimbun (Jan. 26). (Tokyo Reporter)
Crown Prince Naruhito met Saudi Arabia's new King Salman in the Saudi capital of Riyadh on Sunday and expressed his condolences over the death of King Abdullah, who passed away on Friday. (The Japan News)
A fire drill was conducted at Horyuji temple, a UNESCO World Heritage site in Ikaruga, Nara Prefecture, on Monday, which was Cultural Property Fire Prevention Day. About 100 personnel participated, including temple priests and local firemen. (The Japan News)
The Islamic State beheaded one of the two Japanese citizens it has been holding, but signaled a potential willingness to negotiate over the fate of the other one - offering a tiny sliver of hope to a Japan reeling from shock and grief. (foreignpolicy.com)