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.
An independent judicial panel of citizens said Thursday it has decided that three former executives of Tokyo Electric Power Co. merit indictment over the 2011 nuclear disaster at the Fukushima Daiichi power plant. (Kyodo)
Osaka police said Wednesday they failed to report roughly 81,000 criminal cases to the National Police Agency between 2008 and 2012, or nearly 10 percent of the total reported by the prefectural police force during the five-year period. (Kyodo)
This week the annual charity event known as the Sumo Run took place in London's Battersea Park. To raise money for education in sub-Saharan Africa, participants don inflatable sumo suits and run the 5km course around the park, no doubt delighting passersby in the country that gave us Monty Python. (rocketnews24.com)
On July 16, Kanagawa Prefectural Police arrested Koichi Yokoyama, a former Liberal Democratic Party member of the Kanagawa Prefectural Assembly, for allegedly possessing stimulant drugs at his apartment in Yokohama last month. (Tokyo Reporter)
Police in Japan say that a 16-year-old girl has admitted to slaying her classmate because she "wanted to kill someone" and "dissect" the body, according to Japanese news agency Kyodo News. (huffingtonpost.com)
Golden-gai, a warren of tiny bars near Shinjuku's Kabukicho entertainment district, has long been a refuge for writers, musicians, filmmakers and other artistic types, who congregate at drinking establishments with like-minded patrons. (Japan Times)
On July 7, Tokyo Metropolitan Police arrested 30-year-old Ikki Jin for allegedly slipping a sleeping powder into an alcoholic drink consumed by a 23-year-old male and robbing him of a total of 350,000 yen in cash and valuables in February. (Tokyo Reporter)