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.
Japan's Empress Michiko is set to receive checkups on her coronary artery using computed tomography on Aug. 9 at the University of Tokyo Hospital due to suspected myocardial ischemia, the Imperial Household Agency said Wednesday. (Jiji Press)
The rainy season appears to be over in Japan's two remaining regions to the southwest and northeast, the weather agency said on Wednesday, declaring an end to the early summer wet period throughout the archipelago. (Japan Times)
The Japanese government is set to put forward the island of Okinoshima in Munakata, Fukuoka Prefecture, southwestern Japan, and related ancient sites in the region for UNESCO World Heritage listing in 2017. (Jiji Press)
Japan's parliament enacted Tuesday a bill aimed at merging some constituencies for the first time in a bid to reduce vote-value disparities in the electoral system for the House of Councillors, the upper chamber. (Jiji Press)
The operator of the disaster-hit Fukushima Daiichi nuclear plant began Tuesday dismantling the cover shrouding the No. 1 reactor building, installed in the wake of the 2011 disaster to keep radioactive materials from dispersing. (Kyodo)
As a part of a crackdown on illegal drugs connected to musician Aska, Tokyo Metropolitan Police on Monday announced the arrest of a boss in an organized crime group, reports the Mainichi Shimbun. (Tokyo Reporter)
It was a triple murder that shocked a nation already reeling from the crime spree by a doomsday religious cult, coming just four months after the cult's deadly nerve gas attack on the Tokyo subway system. (Japan Today)
The pilot of a light plane that crashed into a residential area in the Tokyo suburb of Chofu on Sunday had run a pilot training firm without permission from the transport ministry, it was learned Monday. (Jiji Press)
Wakayama Prefectural Police on Saturday arrested a 64-year-old man from Osaka after the body of a woman was found in a car parked in front of a love hotel in Gobo City, reports the Asahi Shimbun (July 26). (Tokyo Reporter)
Out of nearly 6,000 applicants, 22 young women and girls emerged from the final stage of highly competitive auditions on July 25 to be the first-generation members of idol group NGT48, based in Niigata Prefecture. (Asahi)