Whistleblower at Olympus calls for answers
Michael Woodford, the sacked chief executive of Olympus who blew the whistle on a $1.7bn (£1.1bn) accounting scandal, yesterday urged the company to mend its ways at its annual shareholders' meeting, and demanded to know why he had been ousted.
As 1,000 investors in the endoscope and camera company approved a new board at the meeting, Mr Woodford said that the group's refusal to explain his sacking "will constitute clear grounds for this EGM to be later cancelled in court.
Since he was fired in October, Olympus has admitted carrying out fraud to conceal massive investment losses under a scheme going back two decades. Prosecutors in Japan, the UK and the US are investigating. Seven people have been arrested, including a former Olympus chairman.
Mr Woodford, who is suing Olympus as well as writing a book about his time there said it was a "mockery" to claim it was making a new start. Olympus' new president will be Hiroyuki Sasa, a 30-year veteran of the company, and its new chairman is Yasu-yuki Kimoto, 63, a former executive at its main lender, Sumitomo Mitsui Financial Group.
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
'Sinful': Video of British Muslims dancing to Pharrell Williams's hit Happy comes under attack
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 1 'Natural' energy drink banned for containing erectile dysfunction drug
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Dylan Tombides: West Ham confirm 20-year-old striker has died after battle with cancer
- 4 Loch Ness Monster found on Apple Maps?
- 5 Angus Steakhouse: How does tourist staple continue to thrive in today's gourmet market?
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...