Whistle-blowing Olympus boss fails to get his job back
Published 06/01/2012 | 11:02
WHISTLE-blower and former Olympus boss has said he will sue the Japanese camera firm over his sacking after institutional investors in the firm scuppered his plans to get his job back.
Michael Woodford, the first non-Japanese boss at the company in its 92 years, had exposed fraud at the firm which involved millions of dollars.
He added that he will now seek compensation for his October sacking in one of the biggest corporate dramas in Japan’s history.
"The major reason for the continuing uncertainty is that despite my having done the right thing, none of the major Japanese institutional shareholders have offered one word of support to me and conversely have in effect allowed the tainted and contaminated board to continue in office," he said.
Olympus admitted that the deals in question had been used to cover up huge investment losses dating back to the 1990s.
In addition, a report from a third-party investigation deemed management as "rotten".