A former chairman of Olympus Corp and two other
executives received suspended sentences Wednesday for concealing
years of massive investment losses.
Tsuyoshi Kikukawa, Hideo Yamada and Hisashi Mori had admitted falsifying financial statements to hide losses of about 117 billion yen (1.17 billion dollars) dating to the 1990s at the Japanese maker of digital cameras and medical devices.
Kikukawa and Yamada were sentenced to three years in prison, suspended for five years, while Mori received a 30-month prison term, suspended for four years. Tokyo District Court Judge Hiroaki Saito also fined Olympus 700 million yen.
The scandal surfaced in October 2011 after former president and chief executive Michael Woodford raised questions over dubious accounting related to the company's corporate acquisitions.
The accounting scandal, one of Japan's largest, caused Olympus' stock price to plummet more than 80 per cent.
In September, Sony Corp acquired a minority stake in Olympus for 50 billion yen, making it the largest shareholder.
Most Popular Stories
- PBS Series Examines America's Demographic Shift
- California's Ban on Plastic Bags: What Now?
- Petri Likely Broke House Ethics Rules
- Americans Bet Big on Gambling Industry
- Exxon Gives Nod to Fracking Risks
- Morgan: 'Can't Believe' Wal-Mart Blaming Him
- Texas Sees Gains in Hispanic College Enrollment
- Wealth Gap Widens as Rich Spend More on Kids' Education
- Can You Be Fired for Using Medical Marijuana?
- Lack of Sea Ice Brings 35,000 Walruses Ashore