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Ex-Olympus Chief Faces Five Years in Jail For His Role in $1.7 Billion Fraud

olympushasfallen

Former Olympus president Tsuyoshi Kikukawa may soon spend up to five years of his life in prison for his role in Olympus’ massive financial scandal that rocked corporate Japan back in 2011. Prosecutors allege that Kikukawa orchestrated a coverup of $1.7 billion in company losses, one of the biggest frauds in Japanese history and the country’s equivalent of America’s Enron scandal.

The prosecutors are also asking the Tokyo court to fine Olympus a further $10.6 million for how it “eroded domestic and international confidence in the (Japanese) market.”

Kikukawa confessed to his role in the crime back in September 2012, saying that he would take “full responsibility” for his actions. If convicted and sentenced to a full five years, the 72-year-old Kikukawa will be over 77 years old by the time he’s released from prison.

Michael Woodford, the ex-CEO who was fired after he began poking his nose where it didn’t belong, reportedly won a $15 million settlement from Olympus for his wrongful dismissal.

You can read our complete coverage of the Olympus scandal here.

(via Channel NewsAsia)


Image credit: Photo illustration based on poster of Olympus Has Fallen by Millennium Films


 
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  • photosforus

    On another note:
    Actors reacting to an explosion and the Harlem Shake: No Difference

  • photosforus

    On another note:
    Actors reacting to an explosion and the Harlem Shake: No Difference

  • http://twitter.com/YouDidntDidYou YouDidntDidYou

    ERM…. Totally uncomparable to the Enron scandal.
    Enron recap “The scandal has also entered the political realm, because of Enron’s close links with the White House.

    Enron provided millions of dollars to finance Mr Bush’s 2000 election campaign.

    Mr Bush was a personal friend of Mr Lay, but has been quick to distance himself from any involvement with the firm.

    It has also emerged that Mr Lay called two US cabinet officers before the company filed for bankruptcy late last year.

    And the US Treasury Department has said one of its officials felt he was asked to help Enron last year by company president Lawrence Whalley.

    Enron executives also met Vice President Dick Cheney and his energy task force several times to discuss the administration’s energy plan.”

  • droops

    What is white collar Japanese prison like?

  • upsahjah^1

    he can be glad he did not download a few dozend MP3 files.

  • Mike

    I thought it was called a window, and you had to jump through it.

  • Mike

    Oh please, reacting to an explosion looks nothing like a brain aneurysm.

  • keru

    5 years only ? That’s what a guy got in france got for driving at 225 km/h …

  • Peter Croft

    “If convicted and sentenced to a full five years, the 72-year-old
    Kikukawa could be over 77 years old by the time he’s released from
    prison.”

    Duh, yeah? “… could be”? How about “will be”? Or does time vary in prison?

  • http://www.petapixel.com Michael Zhang

    Thanks Peter :)

  • http://twitter.com/YouDidntDidYou YouDidntDidYou

    You ever heard of parole?