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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.

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