UK Serious Fraud Office to prosecute Olympus for balance manipulation

According to a press release, Olympus and GGL received requisitions issued by the SFO on September 3, 2013. Section 501 of the UK Companies Act 2006 provides the charges against certain person who made misleading or deceptive explanation to the auditors in connection with financial accounting of a UK company. The charges against Olympus and GGL allege that certain representations made to the auditors of GGL in the documents related to GGL’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. After a hearing date before the Magistrates’ Court, it is expected that the matter will be transferred to the Crown Court for the future steps of the proceedings.

Olympus pointed out that the company fully cooperated with the SFO during the investigation, and added the potential financial impact of this prosecution on Olympus Group’s business is unclear.