The UK’s Serious Fraud Office (SFO) has dropped its two-year case against Olympus Corporation following the Court of Appeal’s ruling that misleading auditors is not a criminal offence under English Law, Japan Today reported on 11 November.
Former Chief Executive Michael Woodford MBE blew the whistle on unexplained payments, resulting in a £1.1bn accounting scandal that was reportedly part of a plan to cover-up investment losses.
The Court of Appeal’s decision is a blow to the SFO, which had been keen to test the law.