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O'Melveny's Nonaka Quoted in The Asian Lawyer About Olympus CaseNovember 15, 2011
O'Melveny & Myers LLP Tokyo-based Business Trial & Litigation partner Scott Nonaka is quoted in the November 14, 2011, The Asian Lawyer article "What Will Be the Legal Fallout for Olympus." Last week Olympus admitted that former executives disguised more than US$1 billion in investment losses as fees and costs incurred in a series of acquisitions and the article notes that the company has appointed an independent panel to investigate what happened. The article notes that if securities fraud charges are brought against executives, they could face sentences of up to ten years. The article discusses how the reaction in Japan is much different from what it would be in the US. Nonaka is quoted saying, "There's public concern, but it's not like it you'd see in the U.S. You don't have that anger about corporate greed. There's an understanding that these guys weren't trying to line their own pockets. They were, in their minds, acting to protect the interests of the company."