BusinessCompany NewsFormer Olympus execs sentenced over accounting fraud

Former Olympus execs sentenced over accounting fraud

Three former executives at Japanese camera maker Olympus handed suspended jail sentences for their part in a £1bn accounting fraud

Former Olympus execs sentenced over accounting fraud

THREE FORMER EXECUTIVES at Japanese camera maker Olympus have handed suspended jail sentences for their part in a £1bn accounting fraud.

Former president Tsuyoshi Kikukawa and former director and auditor Hideo Yamada were given three year sentences, while former executive vice-president Hisashi Mori was given a two-and-a-half-year sentence.

The trio pleaded guilty last year to charges of falsifying accounts to hide massive investment losses at the company.

Olympus was also ordered to pay 700m yen (£4.6m) in fines.

The scandal was revealed in 2011 when British ex-chief executive Michael Woodford turned whistleblower and raised questions about suspicious merger and acquisition payments.

Related Articles

Google’s Paris HQ raided in tax avoidance probe

Administration Google’s Paris HQ raided in tax avoidance probe

1y Fraser Simpson, Reporter
Tesco reports 55% profit slump amid hint of SFO deal

Audit Tesco reports 55% profit slump amid hint of SFO deal

2y Chris Warmoll, Writer
'Flabbergasted' IFA receives £10m commission in error

Company News 'Flabbergasted' IFA receives £10m commission in error

2y Carmen Reichmann
Tesco suspends execs and call in Deloitte over profits overstatement

Accounting Standards Tesco suspends execs and call in Deloitte over profits overstatement

3y Chris Warmoll, Writer
East India Club reviews processes after £500k fraud

Audit East India Club reviews processes after £500k fraud

3y Kevin Reed, Writer
‘Failings’ identified in Post Office cash shortfall investigations

Company News ‘Failings’ identified in Post Office cash shortfall investigations

3y Calum Fuller, Reporter
Auditor concern raised over Birmingham City missing funds

Audit Auditor concern raised over Birmingham City missing funds

3y Kevin Reed, Writer
MPs blast KPMG over failings at Co-op Bank

Accounting Firms MPs blast KPMG over failings at Co-op Bank

3y Richard Crump, Writer