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Olympus fraud saga rumbles on with UK prosecution
Olympus will be prosecuted by the UK Serious Fraud Office over charges that it provided 'misleading, false or deceptive' material in accounts submitted by its medical supplies subsidiary Gyrus Group Limited. Earlier this year three former senior executives of the company were handed suspended jail sentences for their part in a massive accounting scandal which hid huge investment losses dating back to the 1990s, and was uncovered by former CEO Michael Woodford.
A statement issued by Olympus states that the potential impact on the Group's business is unclear, as it's difficult to estimate the level of any fines which may be imposed if the prosecution is successful.