No Jail Time for Olympus Execs behind $1.7 Billion Accounting Scandal
Remember the huge brouhaha surrounding Olympus back in late 2011? The former presidents of the company Masatoshi Kishimoto and Toshiro Shimoyama as well as the chairman Tsuyoshi Kikukawa and a few other execs were found to be lying about massive losses the company sustained, about $1.7 billion in discrepancies. They were finally ruled against, but no one is serving any jail time. Weak.
Former Chairman Kikukawa received a three-year suspended sentence, since his defense of “it wasn’t my idea to do that” seems to have worked. It also worked for a former VP and some accounting executives. So if they aren’t being punished, then the original masterminds must be, right? Wrong. Former presidents Kishimoto and Shimoyama won’t be getting any jail time either, as apparently too much time had elapsed since the crime was committed. Where is the justice?
Current Olympus executives and employees should be the most furious, as the scandal greatly damaged the company’s reputation and stock value. They are recovering, but the road has been long and arduous for them. It’s a real shame that no one is getting the punishment they deserve.