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Air Products CEO McGlade to retire in 2014, company names 3 independent directors in shakeup

ALLENTOWN, Pa. - Air Products said Thursday that its CEO will retire next year, and that it is adding three new independent directors to its 11-member board. The company, which produces a variety of gases and related services for the energy, electronics and manufacturing sectors, is nearly 10 per cent owned by Bill Ackman's Pershing Square hedge fund, making it Air Products' biggest shareholder.

Ex-banker pleads guilty in Olympus accounting fraud

By Bernard Vaughan NEW YORK (Reuters) - A former Singapore banker pleaded guilty in federal court in New York on Wednesday to helping Japan's Olympus Corp <7733.T> orchestrate a $1.7 billion accounting fraud. Prosecutors said that Chan Ming Fon helped secretly liquidate hundreds of millions of dollars of Olympus investments over six years and then lied to auditors by certifying that the investments still existed.

Japan's Olympus to raise up to $1.17 billion in share issue

TOKYO (Reuters) - Japan's Olympus Corp <7733.T> said it will raise up to 118 billion yen ($1.17 billion) in a new share issue to expand its medical equipment business and rebuild its financial health, after an accounting scandal plunged the company into the red. The shares will be offered to overseas investors, mainly in the United States and Europe, the world's biggest endoscope maker said in a statement on Monday.

Olympus to raise up to $1.16 billion in stock offering

Japan's scandal hit Olympus said Monday it planned to raise up to 118 billion yen ($1.16 billion) through a public stock offering in a bid to strengthen its medical equipment businesses. The camera and medical equipment maker said it would issue up to 37 million new shares to overseas investors, while separately selling four million of its own shares it holds as treasury stocks, also to overseas investors. A fixed offering price will be decided July 18-22.

Ex-Olympus execs given suspended terms over investment loss coverup

The Tokyo District Court on Wednesday found three former executives of Olympus Corp. guilty of covering up the medical equipment and digital camera maker's massive investment losses and gave them suspended prison terms. Former Olympus Chairman Tsuyoshi Kikukawa, 72, and Hideo Yamada, 68, a former standing auditor of the company, were sentenced to three years in prison, suspended for five years. Former Vice President Hisashi Mori, 56, was given a 30-month prison term, suspended for four years.

Suspended jail for ex-Olympus execs in Japan cover-up

A Japanese court on Wednesday handed suspended sentences to three former Olympus executives accused of engineering a massive accounting fraud at the camera and medical equipment maker. Prosecutors had asked that a five-year jail term be given to sacked company president Tsuyoshi Kikukawa and lesser sentences for ex-vice president Hisashi Mori and auditor Hideo Yamada. The sentences from the Tokyo District Court, ranging from three-years for Kikukawa and Yamada to two-and-a-half years for Mori, carry no immediate jail time. bur-pb/hg/dan

Five-year jail term sought for ex-Olympus head

Japanese prosecutors sought a five-year jail term Tuesday for the former head of Olympus for his involvement in a $1.7 billion loss cover-up scandal that hammered Japan's corporate governance image. They also asked the Tokyo District Court to slap a whopping one-billion-yen ($10.6-million) fine against the disgraced camera and medical equipment maker whose top executives hid losses stemming from bad investments for years.
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