{"id":8514,"date":"2013-09-04T08:15:00","date_gmt":"2013-09-04T07:15:00","guid":{"rendered":"http:\/\/amateurphotographer.co.uk\/uncategorized\/olympus-financial-impact-unclear-as-british-fraud-investigators-prosecute-update2-8514"},"modified":"2015-04-27T14:29:19","modified_gmt":"2015-04-27T13:29:19","slug":"olympus-financial-impact-unclear-as-british-fraud-investigators-prosecute-update2","status":"publish","type":"post","link":"https:\/\/other.kelsey.host\/amateurphotographer\/latest\/photo-news\/olympus-financial-impact-unclear-as-british-fraud-investigators-prosecute-update2\/","title":{"rendered":"Olympus: Financial impact &#8216;unclear&#8217; as British fraud investigators prosecute (update2)"},"content":{"rendered":"<p>[UPDATED 10.10am] Olympus whistleblower Michael Woodford, who was based in Japan, was sacked after raising suspicions over $687 million in advisory fees paid in connection with Olympus&#8217;s acquisition of UK medical firm Gyrus Group Ltd in 2008.<\/p>\n<p>The Gyrus fee raised suspicions of wrongdoing because it represented around 35% of the entire value of the $2 billion Gyrus takeover. <\/p>\n<p>Separately, Olympus was later found to have used a <a href=\"http:\/\/amateurphotographer.co.uk\/photo-news\/539812\/olympus-scandal-exposure-movie-thriller-confirmed\">complex web<\/a> of financial transactions to help cover&#13;<br \/>\n up, in its accounts, huge investment losses dating back to the 1990s.<\/p>\n<p>The alleged accounting offences relating to Gyrus are said to have taken place between April 2010 and March 2011.<\/p>\n<p>The SFO has confirmed that the Gyrus Group faces four criminal charges and Olympus one charge.<\/p>\n<p>The firms have been charged with offences of making a &#8216;misleading, false or deceptive&#8217; statement to an auditor. <\/p>\n<p>The SFO launched its investigation after Woodford, former Olympus president and CEO, submitted documents to its offices in London <a href=\"http:\/\/amateurphotographer.co.uk\/photo-news\/539345\/olympus-scandal-how-exposure-nearly-killed-me\">shortly after he was fired<\/a> in October 2011.<\/p>\n<p>Olympus said in a statement: \u2018Having completed its investigation, the SFO has decided to bring a prosecution against the company and Gyrus Group Ltd (GGL), a UK subsidiary of the company, on charges of breaching Section 501 of the UK Companies Act of 2006.&#8217;<\/p>\n<p>The firm admits that the &#8216;financial impact of this prosecution on Olympus Group&#8217;s business is unclear&#8217;, given that &#8216;it is difficult to predict the outcome of this matter or estimate the level of fines that may be imposed on the company and GGL&#8217;.<\/p>\n<p>The statement, issued by Olympus&#8217;s Japanese headquarters in Tokyo, continues: \u2018The charges against the company and GGL allege that certain representations made to the auditors of GGL in the documents related to GGL&#8217;s financial accounts for the fiscal years 2009 and 2010 were misleading, false or deceptive in a material particular, contrary to Section 501 of the UK Companies Act of 2006.&#8217; <\/p>\n<p>Last year, former Olympus president Tsuyoshi Kikukawa pleaded guilty in connection with the <a href=\"http:\/\/amateurphotographer.co.uk\/photo-news\/539345\/olympus-scandal-how-exposure-nearly-killed-me\">accounting scandal<\/a>, along with former executive vice-president Hisashi Mori and Hideo Yamada, a former Olympus auditor.<\/p>\n<p>The SFO says the first hearing is due to take place at Westminster Magistrates&#8217; Court in London on 10 September.<\/p>\n<p>The SFO launched its investigation on 9 November 2011.<\/p>\n<p>The Olympus scandal was one of the largest in Japanese corporate history and there are <a href=\"http:\/\/amateurphotographer.co.uk\/photo-news\/539812\/olympus-scandal-exposure-movie-thriller-confirmed\">plans to make a film<\/a> about it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Britain\u2019s Serious Fraud Office (SFO) is to prosecute Olympus over the financial scandal that rocked the camera company in 2011, the Japanese firm said today.<\/p>\n","protected":false},"author":324,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39],"tags":[],"product-category":[],"class_list":["post-8514","post","type-post","status-publish","format-standard","hentry","category-photo-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Olympus: Financial impact &#039;unclear&#039; 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