Former Olympus president Tsuyoshi Kikukawa,an auditor and a third executive were convicted for reporting false financial information and breaching security laws, the Global Post reports.
After pleading guilty, Kikukawa and the auditor were both given a three year prison sentence whilst the third executive received two-and-half years. However, they will not actually serve time because of their age, the court ruled, suspending for up to five years and fining the company 700 million yen ($7 million).
The scandal first started when Michael Woodford, Olympus’ British chief executive,questioned the legitimacy of financial reports in 2011. The three later admitted to the ($1.2 billion) cover-up, which began in the 1990s.
Judge Hiroaki Saito was cited by the Global Post saying that the conspiracy questioned the Tokyo stock market’s reputation and credibility abroad.
As a result, Kikukawa is being sued by Olympus for damages, according to the report.