adminThe scheme saw Olympus executives hide about US$1,7 billion in losses dating back to the 1990s through acquisitions and outsized consultancy fees until its former British chief executive blew the whistle last year.
The 191,82 million yen (US$2,4 million) fine ordered by Japan’s Financial Services Agency comes after the scandal sparked lawsuits and dented Japan’s corporate governance image.
Olympus said yesterday it would pay the fine, and try to rebuild its tattered reputation.
“We take the situation seriously and are making efforts to prevent a recurrence in the future and regain trust,” the company said in a statement.
The firm initially denied the cover-up allegations but eventually admitted wrongdoing, with Olympus and three former senior executives — including ex-president
Tsuyoshi Kikukawa — charged over their role in the scandal.
The company has since agreed to a reported £10 million (US$15,6 million) payout to former chief Michael Woodford to settle a wrongful dismissal lawsuit.
Woodford was sacked late last year after he brought his concerns about the firm’s accounting to the old board of directors.
Separately, Japanese authorities earlier this month ordered Olympus to pay about five billion yen in back taxes and penalties related to the loss cover-up scheme, according to local media. — AFP.
Online Reporter