Michael Woodford and Tsuyoshi Kikukawa (smiling the days before the fraud scandal)
It ended like we expected it: The three Olympus managers that were convicted in the famous Olympus accounting fraud scandal will definitely not go in jail. Engadget reports that Tsuyoshi Kikukawa received a three-year suspended sentence, in light of the fact that he didn’t make the original decision to hide the firm’s financial losses. And Masatoshi Kishimoto and Toshiro Shimoyama, have escaped all charges because, as reported by Kyodo News a couple of months ago, too much time has elapsed since the original crime.
Meantime Michael Woodford the ex-CEO that discovered the fraud wrote a book you can find at Amazon (Click here). More important The Financial Times speculates Woodford got $15.5 million from Olympus to avoid any trial.
The story is now over (from a legal point of view) and Olympus new management has to focus on strengthen the camera business. Let’s hope the soon to be announced new OMD and FT cameras will help them to achieve their goals!