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.
Tokyo prosecutors are searching the house of a former aide to Lower House member Yuko Obuchi over the recent political funds scandal. The scandal drove Obuchi from her post as Economy, Trade and Industry Minister. (NHK)
Former Japanese Prime Minister Yasuo Fukuda said Wednesday he had a "nice meeting" with Chinese President Xi Jinping, less than two weeks ahead of a gathering of Asia-Pacific leaders in Beijing where there is a window of opportunity for the two countries to thaw icy relations. (Kyodo)
Japan came in 104th in the World Economic Forum's gender equality rankings for 2014, up from 105th the previous year but still far behind other major industrialized nations, the Geneva-based group said Tuesday. (The Japan News)
In spite of a recent fall in organized crime membership, Fukuoka Prefectural Police on Monday released a manga comic to discourage participation in yakuza gangs, reports the Nishi Nippon Shimbun (Oct. 27). (Tokyo Reporter)
Monday marks exactly one month since Japan experienced its deadliest volcanic eruption in decades. The eruption of Mount Ontake in the central part of the country killed 57 people. 6 others are still listed as missing. (NHK)