U.K. Serious Fraud Office Ends Fraud Case Against Olympus

From Bloomberg Business

The U.K. Serious Fraud Office dropped its case against Olympus Corp. two years after charging the company with making false and misleading financial statements.

A London judge Tuesday released the Japanese company and its U.K. subsidiary Gyrus Group after the SFO decided not to offer evidence. An appeals court judge ruled earlier that a company isn’t covered under legislation that created the crime of misleading auditors. A lawyer for the SFO said there was “insufficient evidence” for a realistic chance of conviction.

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