Ex-Olympus chairman gets suspended sentence for fraud
BusinessWeek -- Jul 04
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.

オリンパスの巨額損失隠し事件で、元社長らに執行猶予の付いた有罪判決です。

Jul 07
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Jul 07
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Jul 07
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Jul 06
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Jul 06
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Jul 07
Former Toyota Motor Corp. executive Julie Hamp will not be charged with illegally importing a controlled painkiller, investigative sources said Tuesday. (Japan Times)
Jul 07
Evacuees from a southwestern Japanese island hit by a volcanic eruption made a brief return to their homes on Tuesday ahead of an approaching typhoon. But their trip was cut short due to volcanic quakes. (NHK)
Jul 07
Tokyo Metropolitan Police on Monday announced the arrest of the boss of an organized crime group for the alleged confinement and assault of a construction worker, reports the Sankei Shimbun (July 6). (Tokyo Reporter)
Jul 07
Tokyo Metropolitan Police on Monday announced the bust of a casino in Toshima Ward for permitting illegal gambling, reports TBS News (July 6). (Tokyo Reporter)
Jul 07
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Jul 06
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Jul 06
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Jul 05
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Jul 05
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Jul 05
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