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                 Britain to Prosecute Japan's Olympus for Fraud

   Japan`s troubled technology giant Olympus says British authorities are
   prosecuting it and one of its subsidiaries for involvement in a massive
   accounting fraud scheme.
   Three former executives of the Japanese camera and medical equipment
   maker have already been given suspended jail sentences related to
   efforts to hide $1.7 billion in losses from bad investments.
   Olympus says London`s Serious Fraud Office is now prosecuting it and
   the Gyrus Group Limited, a British subsidiary, for providing
   "misleading, false and deceptive" information to auditors from 2009 to
   2010.
   The accounting scandal was exposed in late 2011 by then-CEO Michael
   Woodford. The British businessman was fired after questioning some of
   the company`s investments, including Olympus` acquisition of Gyrus.
   The scandal seriously damaged the reputation of the 92-year-old company
   and sent its stocks plunging. Olympus shares have since recovered, but
   after news broke of the fresh British charges, its shares ended down
   nearly 3 percent.
   Olympus` statement said it does not know how much of a fine it will
   face in Britain. The company said it is waiting to officially respond
   to the charges until after it can thoroughly review them.
   The United States Department of Justice is also investigating charges
   against the company.
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   [1]http://www.voanews.com/content/britain-to-prosecute-japans-olympus-f
   or-fraud/1742890.html

References

   1. http://www.voanews.com/content/britain-to-prosecute-japans-olympus-for-fraud/1742890.html