Olympus and Gyrus Group hit with criminal charges

Gyrus Group Ltd, a UK subsidiary of Olympus Corporation, and Olympus have been charged with offences of making a statement to an auditor which was misleading, false or deceptive. Gyrus Group faces four charges and Olympus faces one charge. The alleged offences are said to have taken place between April 2010 and March 2011 and arose from a global fraud case for which Olympus Corporation was prosecuted in Japan. As a result of the global fraud prosecution in Japan, Olympus as well as three former executives Tsuyoshi Kikukawa, Hideo Yamada and Hishashi Mori were sentenced in July 2013. The first hearing in this case will take place at Westminster Magistrates' Court on 10 September 2013. Gyrus Group Ltd, formerly Gyrus Group PLC, was a Berkshire based medical systems company and was acquired by Olympus in 2008.