Olympus fraud saga rumbles on with UK prosecution

Olympus will be prosecuted by the UK Serious Fraud Office over charges that it provided ‘misleading, false or deceptive’ material in accounts submitted by its medical supplies subsidiary Gyrus Group Limited. Earlier this year three former senior executives of the company were handed suspended jail sentences for their part in a massive accounting scandal which hid huge investment losses dating back to the 1990s, and was uncovered by former CEO Michael Woodford. A statement issued by Olympus states that the potential impact on the Group’s business is unclear, as it’s difficult to estimate the level of any fines which may be imposed if the prosecution is successful.

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Comments

Frank_BR

The gods that lived in Mount Olympus frequently behaved badly, too.

SergioSpain

Those suspended jail sentences send a clear message that this type of crime will be somewhat tolerated.

yabokkie

Japan is an advanced developed country with nasty medieval traditon.
it’s not one company, it’s the system that is rotten.

JEROME NOLAS

The never ending saga. Go bankrupt and start a new company. We’ll be all happy.

jadmaister2

I do get how this stuff is of interest, but…
I once got to borrow an OM2n. That was a fabulous camera.
I think I’ll be concentrating on the memories those pics bring.

cgarrard

If we hide our heads in the sand like that, things like this are allowed to happen all around us. Certainly we can’t watch everyone but just ignoring it isn’t an option either. Bad news, yep, I get it, nobody want’s to hear bad news- but that’s part of life take it or leave it.

jadmaister2

I’ll leave it thanks. The only effect you will have is on yourself, and that’s what I’m choosing too.

Langusta

Considering the fact that Oly is preparing something new, I think such news carry some black PR scent.

Andy Westlake

You think the UK Serious Fraud Office is prosecuting Olympus for PR purposes?

Langusta

Not that, it’s just the timing that seems very unfortunate. But I guess that’s nothing unusual nowadays…

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