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Olympus, 3 former senior execs charged

19 Comments

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19 Comments
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A watchdog is supposed to watch over things to ensure nothing "strange" is going on in the first place. This sounds more like a lap dog that is ordered to go and pee on someone's leg.

2 ( +4 / -2 )

I would like to see them in prison. A fine of 10 mill means nothing to people like this.

-2 ( +9 / -11 )

Sooo... not a cultural thing after all?

As a sign for the foreign investors, it's a step in the right direction. Unfortunately foreign investors want to see steps taken to prevent a reoccurrence. Any of that going to happen?

2 ( +3 / -1 )

I am pleasantly surprised to see the SESC take firm and resolute action toward the Olympus execs. This is definitely good for investor sentiment and Japanese business going forward.

0 ( +1 / -1 )

10 years in prison? Is it already april the 1st?

0 ( +1 / -1 )

We can only hope that they will do time in prison.

Hope to see some civil law suits to rid them of any wealth they accumulated. There already is a shareholder suit.

There will be no deterrent without both a successful prosecution and a civil lawsuit.

0 ( +0 / -0 )

Jail + 30% of 1.7 bil$ whistleblowing fee to Woodford.

0 ( +1 / -1 )

Sounds like an overfed, toothless old watch dog to me. Go back to sleep Securities and Exchange Surveillance Commission. Sounds like the government decided it needs a fiscal energy shot. I do hope these guys go to prison, the staff and employees at Olympus who have for year worked to produce some of the world best optical equipment don't need further financial troubles. Punish those responsible !

0 ( +0 / -0 )

British chief executive and president Michael Woodford was sacked in October.

He wasn't sacked, he was removed from the president position but stayed on the board, he then later quit the company.

0 ( +0 / -0 )

A step in the right direction, for sure. I hope they get more than just a slap on the wrist.

0 ( +0 / -0 )

if anyone believes that these guys will go to prison then i have a bridge to sell you. this case has suspended sentence written all over it

0 ( +1 / -1 )

They'll have to pay some fines, but that's it.

-1 ( +1 / -2 )

Why did it take so long?

1 ( +1 / -0 )

It will be quite interesting to see, in a country where being charged with something results in a guilty verdict 99.3% of the time, whether or not justice is applied equally when the accused are well-connected, wealthy oyajis.

Like many of the posters above, I'm expecting a deep bow, a few tears on cue and a suspended sentence will be viewed as the appropriate sentence even if the old boys' club get found guilty.

-5 ( +2 / -7 )

They can't do too much to them, now that their major shareholder, major money lender and blue-chip establishment SMBC has take over their reins, appointing the new CEO. Circle the rickshaws...

0 ( +0 / -0 )

Yes, if they were called Horie and ran a company called Livedoor, they'd be on course for a custodial sentence, but since they are grey, wear suits and are part of the establishment, it'll be little more than a telling off and a slap on the wrist. Perhaps the defence will be "well, we admitted it" ...after systematically covering up their massive fraud for more than 15 years.

In Japan, I've met people who genuinely believe that this kind of behaviour is a victimless crime - even though it is effectively defrauding the shareholders of Olympus in extravagant style, not to mention ripping up the rulebook of corporate governance and setting fire to the pieces. People have to learn that Japan has no future as an economic power unless it deals very strictly with this sort of malfeasance.

FnC

4 ( +5 / -1 )

Innocent till proven guilty, isn't it? They look like decent, upstanding gentlemen to me.

-1 ( +0 / -1 )

10M plus 10yrs, whoa. Plus public apology maybe? doubt they will get the full ten, maybe 5 with parole. Kikukawa will probably get 2 if any at all.

0 ( +0 / -0 )

A suspended sentence only applies to a sentence of three years or less.

0 ( +0 / -0 )

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