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
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.