Business

Olympus ex-CEO Woodford calls for new management, no delisting

November 23, 2011

NARITA, Nov 23 – Michael Woodford, whose ouster as CEO of Olympus Corp a month ago spurred revelations of accounting tricks at the camera and endoscope maker, said today he believed the company’s shares should not be delisted but that it needed new management.

Woodford (picture) also told reporters at the arrival gate at Tokyo’s Narita international airport that he had faith that Tokyo police were capable of uncovering the truth in the accounting scandal.

Woodford arrived in Tokyo today, his first trip to Japan since his sacking on Oct. 14, to meet prosecutors, the nation’s security industry watchdog and police investigating efforts by Olympus to hide losses through M&A deals, including the payment of a massive US$687 million (RM2.18 million) advisory fee.

Woodford on Friday will also attend his first board meeting since it convened to oust the Briton, who had refused to return to Japan earlier saying he was concerned for his safety. Woodford remains a director despite his sacking as CEO. – Reuters

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