British Prosecutor Drops Case Against Japan's Olympus

Published: Nov 10, 2015

Nov 10 (Reuters) - Britain's Serious Fraud Office (SFO) said on Tuesday it had ended a two-year case against Japanese endoscope maker Olympus Corp after a London court ruled that misleading auditors was not a criminal offence under English law.

The SFO, which charged Olympus and its British medical equipment subsidiary Gyrus in September 2013 for misleading an auditor, said it also could not have prosecuted individuals in the case because Japan does not extradite its nationals.

Olympus became engulfed in a $1.7 billion accounting scandal in 2011 after its former British chief executive Michael Woodford alerted prosecutors and the media to a series of unexplained payments after being fired for questioning company accounts.

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