Olympus faces fraud prosecution

<p>The UK is prosecuting Olympus over fraud.</p>

The UK's Serious Fraud Office has confirmed that it is set to prosecute Olympus and its UK subsidiary Gyrus Group.

It was revealed that the firm has been charged with providing "misleading, false or deceptive" information to the organisation.

Olympus's acquisition of Gyrus is among the deals that has been questioned by the fraud office, which is believed to be one of the biggest financial frauds in Japan's history.

Former chairman Tsuyoshi Kikukawa and executives Hisashi Mori and Hideo Yamada have all been sentenced for their roles in the fraud case.

Olympus stated that "it is difficult to predict the outcome of this matter or estimate the level of fines that may be imposed on the company and Gyrus Group Limited" due to the probe.

Following this news, the share price of the camera and medical equipment manufacturer was down today (September 4th) on the Tokyo Stock Exchange.

Stocks in the Japanese company dropped by 2.85 per cent over the course of the session.

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