Five-year jail term sought for ex-Olympus head

They also asked the Tokyo District Court to slap a whopping 1 billion yen ($10.6-million) fine

Whopping? After a 1.7 BILLION $$ coverup, 10.6 Million is peanuts! How about a 10% fine, that seems more equitable in comparison to all the lies and BS Olympus put people through.

"Five-year jail term sought...."

But they'll "settle" for a suspended sentence.

Where. Did. The. Money. Go. ?

Why is no-one asking this question?

A billion yen is a significant figure for a brand that's been as severely compromised as Olympus. Anything less than a five year custodial sentence will only affirm that corporate governance is not to be feared. Woodford's handling of the affair was sensationalist and messy, though. Has he sold the film rights?

A billion yen is peanuts. Fines for banks in the West for the LIBOR scandal have been 20 to 30 times that. I agree that a custodial sentence is deserved, but 5 years may be on the high side - this was not a case of theft but of concealing losses resulting from mismanagement. 3 years may be more appropriate.

I do not know whether Woodford has sold the film rights, but he should. I reject the accusation that he was nothing more than a sensationalist - he took a very bold step to unveil losses and lies against a company which he had worked for for 20 years and which he had worked his way to the top. He gave that up as a question of morality, whereas he could have looked the other way and taken his CEO salary for 5 years. The board's decision to vote him down from CEO when he asked too many questions showed that it was prepared to pay dirty. Woodford needed to take it public, otherwise the scandal would have stayed buried.

I predict something like a 3 year sentence suspended for four years with the judge saying, "it was a vicious crime which undermined trust in the business world but the defendant has reflected on his crime and shown much regret.... blah, blah."

And, as Yubaru says, the fine is minuscule and, frankly, laughable.

“The huge amount involved is unmatched in the past. It eroded domestic and international confidence in the (Japanese) market,” prosecutors told the court,

if prosecutors really think so, they should seek a life sentence not just 5 years.

A billion yen is a significant figure for a brand that's been as severely compromised as Olympus.

You have to be kidding. It's trivial to a company that large.

that hammered Japan’s corporate governance image.**

Anyone who has lived here knows the truth. Japan's image has been pretty good but the mask is slipping and people now know the truth. Japan is just pissed this got out, not that it happen. And by a foreigner no less.

Like they weren't aware of the whole thing or these kind of things are a regular occurrence in Japan.

There are a lot of really good people working in Olympus. I fail to see the point of fining the company. Fine the jerks at the top who did this! (And also throw them in jail, of course.)

Did they ever recover any money from Kikukawa, or did he get away with transferring all his assets to his family? Although he says he will take responsibility his actions show that he is trying to evade it, therefore a longer prison sentence is in order. I don't expect much from the courts though.

Did they ever recover any money from Kikukawa

Wasn't it diverted to some shady consultancy with -mafia ties?

Never mess with a Brit!

No need to worry, I'm sure Mr. Kikukawa has already chosen the luxuriously appointed hospital he will be admitted to, if he is ever actually convicted.

Get Real -- Get real!

As others have stated, the monetary fine is anything but whopping. It is insignificant - as are most fines of this type on the rare occasions that they are administered in Japan. The five year sentence being sought is also modest given the scale of the offending. I am not inclined to agree with people who claim that this kind of fraud is somehow less pernicious than plain and simple theft. Whatever the motives might or might not have been, the unfair benefits received over many years and the losses eventually sustained by others are no different than in a case of theft.

Whopping? After a 1.7 BILLION $$ coverup, 10.6 Million is peanuts! How about a 10% fine, that seems more equitable in comparison to all the lies and BS Olympus put people through.

That's $1.7 Billion in LOSSES that were covered up. You want to further penalize the workers who had nothing to do with the cover-up by adding another $170 million in losses? Your argument might have more substance if this were unreported PROFITS that were covered up.

This is the criminal case. I have to assume the shareholders will put together a class action lawsuit against the board. That's where the real money will change hands.

Wasn't it diverted to some shady consultancy with -mafia ties?

I thought it went to some Japanese guy in the US??

A billion yen is a significant figure for a brand that's been as severely compromised as Olympus. Anything less than a five year custodial sentence will only affirm that corporate governance is not to be feared.

Woodford's handling of the affair was sensationalist and messy, though. Has he sold the film rights?