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.
Some of the smallest children in Koriyama, a short drive from the crippled Fukushima nuclear plant, barely know what it's like to play outside -- fear of radiation has kept them in doors for much of their short lives. (Reuters )
Banging on drums and waving "Sayonara nukes" signs, thousands of people rallied in a Tokyo park and marched to Parliament on Sunday to demand an end to nuclear power ahead of the third anniversary of the Fukushima disaster. (scmp.com )
Fewer than 40 pct of residents and commuters in Tokyo take specific measures to prepare for a possible huge earthquake beneath the Japanese capital, despite high awareness on disaster prevention, a Metropolitan Police Department survey showed Friday. (Jiji Press )
The man under arrest for fatally stabbing one man and wounding three others during a 10-minute rampage in Kashiwa, Chiba Prefecture, on Monday night, told police on Thursday that he wanted to hijack a plane at Haneda airport and fly it into Tokyo Skytree to take revenge on society. (Japan Today )
The man lauded as "Japan's Beethoven," who has admitted he never wrote his compositions, appeared before cameras for the first time since the scandal surfaced - clean-shaven and minus his trademark sunglasses. (abcnews.go.com )
The 24-year-old suspect in the murder of a man on a street in Kashiwa, Chiba Prefecture, on Monday is believed to have posted a profile online in which he identified himself as a "celeb NEET," meaning a celebrity without a job, according to local online news site J-Cast News. (Japan Times )
The proportion of single nonregular Japanese male workers in their 20s who have girlfriends stood at 18.7 pct in 2012, against 30.7 pct for regular employees, a government survey revealed Thursday. (Jiji Press )
Police in Kashiwa, Chiba Prefecture, on Wednesday night arrested a 24-year-old unemployed man over four knife attacks within 10 minutes that left one man dead and three others injured on a street. (Japan Today )