Olympus to be prosecuted by SFO
04 Sep, 2013
The UK’s Serious Fraud Office is to prosecute camera giant, Olympus, for ‘misleading, false or deceptive’ behaviour. The Japanese heavyweight is accused of providing inaccurate accounts material for its UK subsidiary, Gyrus, who is also being prosecuted. Olympus’ conduct was first questioned back in 2011 when a $1.7 billion accounting scandal first came to light. The company’s acquisition of Gyrus came under the spotlight then as well. This led three former Olympus executives to be given suspended custodial sentences. Commenting on the scandal, one of the biggest financial frauds Japan has ever seen, according to the BBC Olympus said: “It is difficult to predict the outcome of this matter or estimate the level of fines that may be imposed on the company and Gyrus Group Limited.” The company added: “The potential financial impact of this prosecution on Olympus group’s business is unclear”.