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.
Japan on Tuesday started fully operating the world's first geostationary weather satellite capable of taking images in color, hoping to forecast typhoon movements and concentrated downpours more accurately. (Kyodo)
Police arrested a 40-year-old man Monday for allegedly setting fire to his own home in Kitsuki, Oita Prefecture, where four bodies, believed to be his children, were found amid the burned wreckage. (Japan Times)
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)
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)
Meet Ladybaby, the Japanese musical group that will make you look twice. Featuring Ladybeard, the east's most hirsute crossdressing entertainer, this band's debut song blends infectious Japanese pop with bizarre, energetic heavy metal vocals. (forbes.com)
A 26-year-old man was arrested Sunday for allegedly confining in his car an 11-year-old schoolgirl who went missing the day before in Nara Prefecture while shopping with her family, police said. (Kyodo)
A drug control division of the health ministry on Saturday announced the arrest of a former executive of public broadcaster NHK for the importation of so-called "dangerous drugs," reports the Sankei Shimbun (July 4). (Tokyo Reporter)
rown Prince Naruhito and Crown Princess Masako, who are visiting Tonga, attended the coronation of King Tupou VI of Tonga held at a church in its capital, Nukualofa, on Saturday. This is the first time in two years that Crown Princess Masako has engaged in official duties overseas. (The Japan News)
Nearly 40 percent of single people in their 20s and 30s do not want a romantic partner, according to a survey by the Cabinet Office released in June. The survey was included in a government white paper on Japan's notoriously low birthrate that also found 46.2 percent of singles claiming that relationships were "bothersome." (Japan Times)