Whistle-blower Woodford settles for £10m after his Olympus sacking
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."
Bosses of collapsed banks should be sent to jail, George Osborne told
Feat of engineering: Incredible photographs show construction beneath New York's Second Avenue
Brazil kicks off: World Cup excess draws hundreds of thousands to street protests
World news in pictures
Google challenges US surveillance gagging order
- 1 Diary of Second World War German teenager reveals young lives untroubled by Nazi Holocaust in wartime Berlin
- 3 Uri Geller psychic spy? The spoon-bender's secret life as a Mossad and CIA agent revealed
- 4 Viral video straps colt .45 handgun to a home-use drone
- 5 Vice pulls 'breathtakingly tasteless' fashion shoot glorifying the suicides of famous female authors from Sylvia Plath to Virginia Woolf
iJobs Money & Business
£65000 - £85000 Per Annum: The Green Recruitment Company: The Green Recruitmen...
£400 per day: Orgtel: A top tier banking client urgently requires a Senior Bus...
£250 - £350 per day: Orgtel: Financial Crime Analyst,Midlands, Banking, AML/Sa...
£20,000 - £45,000 OTE: Co-Venture: Working for this company will give you a ch...