Olympus ex-head and 2 execs found guilty in loss cover-up
Source: Agencies |
July 4, 2013, Thursday
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A TOKYO court convicted Olympus Corp's former president and two other executives yesterday for covering up of massive investment losses over several years that damaged the credibility of corporate Japan.
The Tokyo District Court said former Olympus President Tsuyoshi Kikukawa, an auditor and a third executive were guilty of violating securities laws and falsifying financial statements.
The court ordered prison terms of three years for Kikukawa and the auditor, and two-and-half years to the third executive - all suspended up to five years, meaning they won't be imprisoned. Olympus was fined a maximum 700 million yen (US$7 million).
Chief judge Hiroaki Saito said their falsification undermined faith in the Tokyo stock market and shook corporate Japan's international credibility.
Olympus "systematically" carried out the cover-up in which executives exploited their authority and financial expertise, he said.
"Their failure to report the losses and falsification of financial statements is a totally unacceptable act for a socially responsible company," Saito said.
Kikukawa and the auditor, Hideo Yamada, played a key role in the cover-up but the court decided not to jail them due to their age, expressions of regret and the social punishment they have since faced.
The three pleaded guilty.
Prosecutors had demanded five years in jail for Kikukawa, 72, who also served as chairman at Olympus, a camera and medical equipment maker.
The Tokyo District Court said former Olympus President Tsuyoshi Kikukawa, an auditor and a third executive were guilty of violating securities laws and falsifying financial statements.
The court ordered prison terms of three years for Kikukawa and the auditor, and two-and-half years to the third executive - all suspended up to five years, meaning they won't be imprisoned. Olympus was fined a maximum 700 million yen (US$7 million).
Chief judge Hiroaki Saito said their falsification undermined faith in the Tokyo stock market and shook corporate Japan's international credibility.
Olympus "systematically" carried out the cover-up in which executives exploited their authority and financial expertise, he said.
"Their failure to report the losses and falsification of financial statements is a totally unacceptable act for a socially responsible company," Saito said.
Kikukawa and the auditor, Hideo Yamada, played a key role in the cover-up but the court decided not to jail them due to their age, expressions of regret and the social punishment they have since faced.
The three pleaded guilty.
Prosecutors had demanded five years in jail for Kikukawa, 72, who also served as chairman at Olympus, a camera and medical equipment maker.
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