Japan : Olympus Trio Avoid Prison For Fraud – 4 July 2013

Former Olympus President Michael C. Woodford | BLOOMBERG Former Olympus Chairman Tsuyoshi Kikukawa | KYODO

(Picture : Left former Olympus president Michael C. Woodford  and right former Olympus Chairman Tsuyoshi  Kikukawa)

Ex-execs guilty of hiding massive losses; firm fined ¥700 million

Kyodo, AFP-JIJI

The Tokyo District Court on Wednesday found three former Olympus Corp. executives guilty of covering up massive investment losses at the medical equipment and digital camera maker, handing them suspended prison terms.

Former Olympus Chairman Tsuyoshi Kikukawa, 72, and Hideo Yamada, 68, a former standing auditor with the company, were sentenced to three years in prison, suspended for five years. Former Vice President Hisashi Mori, 56, was given a 30-month prison term, suspended for four years.

Read the whole story at: www.japantimes.co.jp / link to original article

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