Olympus said in October 2011 that the advisory fees questioned by its dismissed chief executive raised no problem and that the company had done nothing wrong.

Why this label

A Reuters-based report quoted the new Olympus president saying there was no problem with the fees, and said the company kept to its position that it had done nothing wrong^S1. Two weeks later, on 8 November 2011, Olympus said the acquisition payments had been used to cover up investment losses from the 1990s^S2. Its president said the previous presentations were mistaken^S3. In April 2012 Japan's Securities and Exchange Surveillance Commission recommended penalties of JPY 191,819,994 for securities reports that overstated consolidated net assets^S9. In July 2013 the Tokyo District Court convicted the company and three former executives over false financial statements^S6S7. The company's own admission, the regulator's recommendation and the criminal verdict state the opposite of the October 2011 position. The October statements are read here through press reports, not company documents.

Current procedural position

Position withdrawn by the company's admission on 8 November 2011^S2. Company and three former executives convicted by the Tokyo District Court on 3 July 2013^S6S7. No appeal was found in the sources read.

Evidence score: 84 of 100

The score grades how well the record establishes this assessment. It is not a score of Olympus Corporation. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.

Timeline

1. 26 October 2011Olympus president says the fees raised no problem^S1
2. 8 November 2011Olympus admits the payments covered up losses^S2S3
3. 6 December 2011Third-party committee reports on the concealment^S4
4. 13 April 2012Securities and Exchange Surveillance Commission recommends penalties for false securities reports^S9
5. 3 July 2013Tokyo District Court convicts the company and three former executives^S6

Related cases

• Public prosecutors v. Olympus Corporation and three former executivesTokyo District Court. Criminal. Not published.Stage: First instance verdict on 3 July 2013 after guilty pleas. No appeal found in the sources read.
  • 3 July 2013 Company fined JPY 700 million. Three former executives given suspended prison terms^S6S7
• Securities and Exchange Surveillance Commission in relation to Olympus CorporationSecurities and Exchange Surveillance Commission, Japan. Regulatory. Not published.Stage: Recommendation of administrative monetary penalties made on 13 April 2012. The final penalty order was not read for this review.
  • 13 April 2012 Recommendation of administrative monetary penalties of JPY 191,819,994 for false statements in securities reports^S9

Responses

• Olympus Corporation, 26 October 2011: Olympus said the dismissed chief executive failed to understand its management style and Japanese culture.^S1
• Olympus Corporation, 8 November 2011: The president said he had been unaware of the facts and that earlier presentations were mistaken.^S3

Revision history

• 25 October 2026 Assessment first published with label Contradicted.

Have a record that changes this assessment? See corrections and responses.

Sources

1. S2Tier C Japanese giant Olympus admits cover-upAl Jazeera. Press report. 8 November 2011.Agency report of the company's admission that payments hid investment losses. It does not quote the company release in full.Link working, checked 25 October 2026
2. S9Tier A Recommendation in relation to false statements in annual securities reports, etc. of Olympus CorporationSecurities and Exchange Surveillance Commission, Japan. Regulator press release. 13 April 2012.The securities regulator's watchdog recommended administrative monetary penalties of JPY 191,819,994 for false statements that overstated consolidated net assets. It is a recommendation, not the final penalty order, and it does not cover the criminal case.Link working, checked 25 October 2026
3. S3Tier C Olympus admits it hid losses for decadesChannel 4 News. Press report. 8 November 2011.Quotes the president on the admission. It gives no byline and does not quote the earlier denials.Link working, checked 25 October 2026
4. S7Tier C Olympus trio escape jail but firm fined £4.6 MEEELIONThe Register. Press report. 4 July 2013.Report by Phil Muncaster on the guilty pleas, suspended terms and fine. It does not cover any appeal.Link working, checked 25 October 2026
5. S1Tier C Olympus head quits amid takeover-fees scandalChina Daily. Press report. 26 October 2011.Report based on Reuters, with no named reporter. Records the October 2011 company position on the fees and the dismissal. It does not establish whether the fees were proper.
6. S4Tier C Panel clears Olympus of organised crime linksAl Jazeera. Press report. 6 December 2011.Agency report on the third-party committee findings, including the 1998 scheme and the lack of organised crime evidence. It is not the report itself.Link working, checked 25 October 2026
7. S6Tier C Ex-Olympus executives sentenced for fraudCNN Money. Press report. Not shown on the page. URL dated 3 July 2013.Reports the sentences, the fine and the presiding judge. No byline is shown. It does not give the date of the guilty pleas.

Other claims about Olympus Corporation

• Supported74
  A third-party committee appointed by Olympus reported in December 2011 that former executives had concealed investment losses and that the management was rotten to the core.
  Press report, 6 December 20114 records citedAccounting
• Supported76
  Press reports in July 2013 said the Tokyo District Court convicted Olympus and three former executives over falsified financial statements and gave the executives suspended prison terms.
  Press report, 4 July 20133 records citedAccounting
• Supported82
  The US Justice Department said in March 2016 that Olympus Corp. of the Americas would pay US$623.2 million to resolve kickback charges and claims, and that its Latin America unit would pay US$22.8 million over foreign bribery.
  Regulator statement, 1 March 20163 records citedBribery