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.
A woman in her 20s who was bitten by a mosquito in Ueno Park in Tokyo's Taito Ward earlier this month has been confirmed infected with dengue fever, the Tokyo metropolitan government said Friday. (The Japan News)
Japanese director Takashi Miike, whose violent and often controversial films boast a huge cult following, will be awarded the 2014 Maverick Director Award at the Rome film festival, organisers said Saturday. (AFP)
Two vending machines were torched and the money taken from them in Tokyo's Katsushika Ward on Saturday morning, bringing to 19 the number of vending machines which have been destroyed by fire in the area since Sept 15. (Japan Today)
Police in Tokyo said Friday they are looking for a man who sprayed a 17-year-old girl with a liquid resembling paint thinner as she walked home on Wednesday night-the third such incident to occur in the area since last month. (Japan Today)
A 61-year-old truck driver has been arrested after he hit a group of elementary school children in Setagaya Ward, Tokyo, killing one 9-year-old girl and injuring two other children, aged 8 and 9. (Japan Today)
Following the bust of a shopping site selling shoes containing a miniature camera used to take illicit photographs, Kyoto Prefectural Police are now seeking the return of the merchandise from customers, it was revealed on Tuesday, reports the Mainichi Shimbun (Sept. 17). (Tokyo Reporter)