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.
Japanese Foreign Minister Fumio Kishida conveyed Tokyo's concerns over the situations in the East China Sea and the South China Sea to his Chinese counterpart, Wang Yi, during their meeting in Beijing on Saturday. (Jiji Press)
In the latest development in the gambling scandal involving Yomiuri Giants players, the Metropolitan Police Department on Friday arrested restaurateur Satoshi Saito, 38, on suspicion of running gambling operations for the purpose of gain and former Giants pitcher Shoki Kasahara, 25, on suspicion of assisting the operations. (the-japan-news.com)
The Osaka District Public Prosecutor's Office has filed charges of drug trafficking against a 40-year-old woman who left a large quantity of illegal drugs inside a fast-food outlet, reports the Asahi Shimbun (April 30). (Tokyo Reporter)
An increasing number of people are using the "furusato nozei" hometown donation program to support Kumamoto Prefecture, southwestern Japan, which has been hit hard by a recent series of strong earthquakes. (Jiji Press)
A 28-year-old nursery school teacher who forced a 4-year-old boy to eat fried chicken covered with wasabi and recorded it on her smartphone, has received a suspended sentence from the Tokyo District Court. (Japan Today)