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Former Olympus executives sentenced

  • Three former executives of Japanese firm Olympus were given suspended jail terms on Wednesday over an accounting scandal.

    Last year, former chairman Tsuyoshi Kikukawa along with executives Hisashi Mori and Hideo Yamada pleaded guilty to charges of falsifying accounts to cover up losses worth $1.7 billion.

    Kikukawa and Mr. Yamada were given three-year sentences while Mori was given a two-and-a-half-year sentence.

    Olympus was ordered to $7 million in fines for its role in what has been described as biggest financial fraud scandal in Japanese history.

    The scandal was revealed in 2011 when then chief executive Michael Woodford exposed the camera and medical equipment company had hidden investment losses worth millions. 

    Tagged as: Olympus case, Olympus executives sentenced, Japanese firm Olympus, olympus fraud case