The reluctance of the world’s jurisdictions to tackle major corporate fraud – especially when undertaken by pilars of society – is notable. It extends to Japan, where as Financial Director notes:
Three former executives at Japanese camera maker Olympus have handed suspended jail sentences for their part in a £1bn accounting fraud.
Former president Tsuyoshi Kikukawa and former director and auditor Hideo Yamada were given three year sentences, while former executive vice-president Hisashi Mori was given a two-and-a-half-year sentence.
So the moral is, if you’re doing a fraud, make sure you are at the top of the company and make it a massive one. Then you’ll pretty much get away with it.
What a sad indictment of justice that is.