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.
US President Barack Obama has left the United States for his first trip to Japan in about 3-and-a-half years. Obama and Japanese Prime Minister Shinzo Abe will hold a summit meeting on Thursday. (NHK )
The education ministry conducted national academic achievement tests on Tuesday for all final-year students at primary and middle schools across the country. About 2.24 million students at about 30,000 schools took Japanese and mathematics exams. (The Japan News )
Japan and the United States are now seen deferring a broad trade agreement until after a summit meeting set for Thursday due to differences over key issues, informed sources said Tuesday. (Jiji Press )
The virus strain that caused bird flu at a poultry farm in southwestern Japan has been confirmed to be genetically identical to the one found in South Korea, the National Institute of Animal Health said Tuesday. (Jiji Press )
Airport authorities in Tokyo launched a frantic scramble to change security pass codes, an official said Tuesday, the day before U.S. President Barack Obama arrives, after an airline employee dropped a memo containing the details. (Japan Today )
The Imperial Household Agency announced this week that it has received over 100,000 applications from individuals seeking to participate in the first ever public opening of parts of the Imperial Palace. (Japan Today )
A former judge from the Ministry of Justice is alleged to have installed a camera inside a women's toilet inside a ministry building in Kasumigaseki, people with knowledge of the matter announced on Monday, reports Sports Nippon (Apr. 22). (Tokyo Reporter )
Police in Fuso, Aichi Prefecture, said Sunday they have arrested an unemployed 38-year-old man for attempted murder after he broke into the home of his ex-girlfriend and stabbed her and her parents. (Japan Today )
Feeding black-tailed gulls has been a popular activity on the sightseeing boats that cruise around the Matsushima islets, considered to be one of the three most beautiful spots in Japan, but local authorities banned the practice this month in a bid to protect the islets' famous pine trees from withering as a result of nitrogen in the droppings of the gulls, who have bred in large numbers in the area. (The Japan News )