Saturday 20 January 2018

Ex-Olympus chief guilty of cover-up

Tsuyoshi Kikukawa and two others were found guilty of violating securities laws and falsifying financial statements (AP/Kyodo News)
Tsuyoshi Kikukawa and two others were found guilty of violating securities laws and falsifying financial statements (AP/Kyodo News)

A Japanese court has convicted Olympus's former president and two executives for covering up massive investment losses at the camera and medical equipment company.

Tokyo District Court said Tsuyoshi Kikukawa and two others were guilty of violating securities laws and falsifying financial statements.

The court ordered prison terms of three years for Kikukawa and an auditor, and two and half years for a third executive - all suspended up to five years, meaning they will not be jailed.

Olympus was also fined 700 million yen (£4.5 million).

The scandal emerged in 2011 when the company's British chief executive, Michael Woodford, questioned dubious payments and acquisitions. He was subsequently sacked.

Olympus has acknowledged hiding 117.7 billion yen (£771 million) in investment losses dating to the 1990s.

Press Association

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