No Jail Time for Olympus Execs behind $1.7 Billion Accounting Scandal

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.

[Via Engadget]

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8 Comments

David Apeji's picture

That's the way it goes with the fat cats - they never get punished. Here too.

But if a working guy owes a few grand the banks are all over him..

Yet several medical marijuana growers are facing years in prison for growing a plant (legally in their states).... go figure..Happy freedom day 'murica

Goes to show, as long as you are wealthy and well connected you will serve face jail time. Sick world we live in, truly sick.

Spy Black's picture

Corporate Imperialism at it's best.

jail is only for poor people and black people... not for rich people.. get used to it.
but if you wage slaves download a few MP3 songs and get caught your life is ruined.
it´s time to fight back and vote for some people who are not the usual politicians.
or go out on the street and revolt!!

So if you're going to steal make sure its in the Billions. That's what this tells me, its ok if its large enough. Who wants to help me steal a billion dollars?

Haven't you heard? White Collar crime does no jail time.