Printed from http://www.electronista.com

Olympus to be fined $2.5m by Japan's FSA over scandal

updated 01:00 pm EDT, Fri April 13, 2012

Japan's FSA due to issue $2.5m fine to Olympus

Japan's Financial Services Agency (FSA) which overseas the country's markets, has recommended to fine Olympus nearly 200 million yen (about $2.5 million) for engaging in illegal accounting practices. The scandal is the biggest in Japan's corporate history. The company and six executives were criminally charged in March in the $1.7 billion fraud.

The fine was also endorsed by the Securities Exchange and Surveillance Commission (SESC). The same body found Olympus to make false filings between the financial years ending in March, 2007, and the first quarter ending in June of 2011. It falsely inflated its investment securities and goodwill assets. An external investigation panel showed that the firm hid investment losses for 13 years.

Olympus, in the meantime, is suing its current president and four of its internal directors for mismanagement. Shareholders are due to vote on a new board of directors on April 20, at a special meeting.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

STM Trust technology bag

The search for a good messenger bag that doubles as a laptop bag is something many travelers find themselves facing at least once. Bet ...

PenClic Bluetooth mouse

Windows 8 aside, computer users have been trained that a mouse is the proper way to navigate through the desktop for many years now. T ...

Cat B100

Cat is primarily known for its heavy-duty machinery used in the construction industry and farming, among other areas. What may not be ...

Sponsor

toggle

Most Commented

 
toggle

Popular News