TOKYO, April 13 Japan's market watchdog on
Friday recommended the Financial Services Agency (FSA) fine
Olympus Corp about 200 million yen ($2.5 million) for
false accounting in one of the country's biggest corporate
The recommendation, made by the Securities Exchange and
Surveillance Commission (SESC), was expected as part of legal
procedures and comes after prosecutors last month charged the
company and six key figures in the $1.7 billion accounting
The SESC said that the medical equipment and camera maker
made false regulatory filings from the financial year ended in
March 2007 through the first quarter ended in June 2011 by
booking bigger investment securities and goodwill assets than
the actual amounts.
The FSA will make the final decision on imposing the fine.
"We take the SESC's recommendation seriously," Olympus said
in a statement.
Olympus restated its balance sheet in December after an
external investigation panel revealed that the firm had hidden
investment losses off its books for 13 years.
Olympus itself is suing for mismanagement five of its eight
internal directors, including the current president, and
shareholders are set to vote on a new board of directors
proposed by the firm at an April 20 extraordinary shareholders'
($1 = 80.9000 Japanese yen)
(Reporting by Taiga Uranaka, Writing by Yoko Kubota; Editing by