Tokyo court convicted former president of Olympus Corporation and two other executives Wednesday yearslong cover up huge investment losses, Japanese corporate reputation damage.
Tokyo District Court, said the former president of Olympus Tsuyoshi Kikukawa guilty of violating securities laws, falsified financial statements, auditors and third executive.
The court ordered the third executive - all suspended for five years, which means they will not be three years of imprisonment and auditors chrysanthemum, two and a half. Olympus be fined up to 7,000,000 yen (about $ 7 million) in fines.
Chief Justice Hiroaki Saito said its yearslong forged, destroyed the Tokyo stock market's confidence and shocked the Japanese company's international reputation.
He said the company "System" are masked executives taking advantage of their power and financial expertise.
"A socially responsible company, they fail to report the loss and falsification of financial statements is completely unacceptable behavior," the judge said.
Daisy and auditors, mountain Hideo, cover plays a key role, but the court decided not to send them to prison because of their age, expressed regret and social punishment, because they have been facing.
Three pleaded guilty.
Prosecutors had asked Daisy, aged 72, who also served as chairman of the board, the camera and medical equipment maker Olympus five years in prison.
Scandal in 2011, when the British CEO Michael Woodford, ask questions, and financial advisory services relating to the acquisition of suspicious payments. Subsequently, he was fired.
Woodford become Japan's hero, outspoken people are rare, whistleblowers are often regarded as outcasts.
Olympus has admitted hiding 117.7 one billion yen (about $ 120 million), dating back to the 1990s, the investment losses.
Olympus sued daisy damages. The company is also investigating the scandal, acknowledging various fraud schemes.
Scandal tarnished the reputation of not only a precious manufacturer, but Japanese companies as the country's struggle to improve its corporate governance.
Olympus barely avoided being delisted after the scandal surfaced, from the Tokyo Stock Exchange, to correct the record from the previous five fiscal-year profit.
 



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