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.
Two death-row inmates were hanged Thursday in the fourth round of executions since the launch last December of Prime Minister Shinzo Abe's government, Justice Minister Sadakazu Tanigaki said. (Japan Times )
Japan's Supreme Court has upheld the petition of a female-to-male transgender man to be recorded on the official family registry as the father of a boy born to his wife after the use of semen from a donor, it was learned on Wednesday. (Jiji Press )
Japan is likely to achieve its goal of drawing 10 million foreign travellers in 2013 as government data showed Wednesday that the number of foreign visitors to Japan totalled about 9.5 million between January and November. (Bangkok Post )
The number of shoplifting cases accounted for nearly 10 pct of all criminal offenses recognized by Japanese police, with the rate increasing, a National Police Agency survey showed Wednesday. (Jiji Press )
A 43-year-old woman and other six boys and girls aged 14 to 18 years have been arrested by police in the western Japanese prefecture of Hyogo in connection with the abuse of a 15-year-old junior high school student, local press reported on Tuesday. (Global Times )