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 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 UK weather: Britain braced for snow as arctic air mass moves in
- 5 'Isis' schoolgirls: Missing British teenager tweets picture of her Syrian takeaway
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Ian Brady: Moors murderer announces his support for Ukip and the SNP
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Power of Nepal earthquake was equivalent to 20 huge atomic bombs
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...