Woodford against Olympus partnership tie-ups

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The Independent Online

Michael Woodford, the former boss of scandal-battered Olympus, said he is opposed to business partnerships as a way to shore up a gaping hole in the company's balance sheet caused by the huge losses it hid for years.

Mr Woodford, who blew the whistle which led to the losses being discovered, was responding to current president's Shuichi Takayama's view that business tie-ups are an option at the camera and endoscope maker.

Instead, he claimed to have better ways to get capital for Olympus, and promised not to break it up or seek a partner, which he said would mean the loss of its independence.

The deception at Olympus, dating back to the 1990s, to hide losses of ¥118bn (£974m), came to light when Mr Woodford blew the whistle two months ago.