Whistle-blower Woodford settles for £10m after his Olympus sacking
Saturday 09 June 2012
The British former chief executive of Olympus, Michael Woodford, will receive £10m in a settlement over his dismissal for whistle-blowing at the giant Japanese cameras and medical equipment maker.
Last week, both sides said they reached a settlement. Olympus disclosed the figure yesterday, following approval from its board, and said the dispute was being brought to a close.
Mr Woodford was fired in October after he blew the whistle on dubious accounting at Olympus. The Tokyo-based company has acknowledged it hid ¥118bn (£957m) in investment losses dating back to the 1990s.
He sued in a British court, accusing Olympus of unlawfully firing him and discrimination in not treating him the same way as a Japanese executive. He claimed the company's executives met without hearing from him and kicked him out.
Welcoming the company's decision, he said: "In today's settlement between myself and the company we reached a fair and amicable agreement, and I would like to take this opportunity to wish the new board well in taking Olympus forward. It is a wonderful company with wonderful products and people and has a bright future ahead of it."
- 1 Michelle Rodriguez: Fast & Furious actor apologises after telling 'minorities' to stop taking on 'white' roles
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face the death penalty
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 Robert Mugabe eats a zoo for 'obscene' 91st birthday party
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...