Three executives in Olympus fraud scandal are spared jail
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Thursday 04 July 2013
The Japanese establishment closed ranks around the disgraced former bosses of the Olympus cameras giant yesterday, refusing to jail them for one of the country's biggest corporate scandals.
The $1.7bn (£1.1bn) accounting fraud resulted in the firing of its whistleblower chief executive, Michael Woodford.
Despite the prosecution seeking jail sentences of up to five years for former chairman Tsuyoshi Kikukawa, vice-president Hisashi Mori and audit officer Hideo Yamada, the trio, who pleaded guilty, were given suspended sentences. Tokyo district judge Hiroaki Saito said they had inherited the fraud.
Olympus was fined the equivalent of £4.6m for the scandal, which at one stage wiped $7bn off the value of the company as shares collapsed.
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