Former Olympus head dies at 89

Kyodo

Toshiro Shimoyama, former head of scandal-tainted Olympus Corp., died of pneumonia Sunday at the age of 89, sources said Thursday.

Shimoyama served as president and chairman of Olympus Optical Co., the predecessor to Olympus, from 1984 to 2001.

Though not held criminally responsible for the company’s massive investment loss cover-up scandal due to the expiry of the statute of limitations, the Tokyo District Court recognized his involvement in its ruling Wednesday.

Olympus was fined ¥700 million over the cover-up and three former executives were given suspended prison sentences.