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。

May 27
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May 27
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May 26
Hanako, Japan's oldest elephant who made headlines for spending most of her life alone in a concrete enclosure, died at 69 in Tokyo on Tuesday, NHK (May 26) reported. (Tokyo Reporter)
May 26
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May 26
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May 27
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May 26
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May 26
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May 26
The Yokohama District Court on Wednesday handed an American male an 18-month prison sentence in the death of a woman in Miura City last July, reports NHK. (Tokyo Reporter)
May 25
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May 25
A 46-year-old man was arrested Wednesday after taking a woman hostage and barricading an apartment in the western Japan prefecture of Ehime for over 16 hours, police said. (Japan Today)
May 25
A 1-year-old boy fell to his death from the 6th floor of his family apartment in Kyoto's Tsurumai city in an apparent accident, police said Tuesday. (Japan Today)
May 25
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May 25
Osaka Prefectural Police have accused a chain of members-only restaurants of illegally serving the innards of a poisonous blowfish to customers, reports NHK. (Tokyo Reporter)
May 25
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