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Ex-Olympus CEO says police inquiry is right approach | Ex-Olympus CEO says police inquiry is right approach |
(about 9 hours later) | |
Michael Woodford, the ex-Olympus chief executive has said a police inquiry would be "the right way" to investigate his former employer. | Michael Woodford, the ex-Olympus chief executive has said a police inquiry would be "the right way" to investigate his former employer. |
Speaking at Tokyo's Narita airport he attacked the camera maker's directors saying they had paid fees to buy "Mickey Mouse" companies. | |
Mr Woodford said Olympus should not be delisted but it did need new management and offered to retake his old post. | Mr Woodford said Olympus should not be delisted but it did need new management and offered to retake his old post. |
He was sacked last month after blowing the whistle on irregular payments. | He was sacked last month after blowing the whistle on irregular payments. |
Olympus has since admitted to using merger & acquisition payments for decades to hide losses. | Olympus has since admitted to using merger & acquisition payments for decades to hide losses. |
The Tokyo Stock Exchange put Olympus shares "under supervision" and warned the firm that it could be delisted. | The Tokyo Stock Exchange put Olympus shares "under supervision" and warned the firm that it could be delisted. |
The company said it would not be able to meet the 14 November deadline to submit its quarterly earnings report. | The company said it would not be able to meet the 14 November deadline to submit its quarterly earnings report. |
The Tokyo Stock Exchange (TSE) gave Olympus until the 14 December to produce the accounts or face being delisted from the exchange. | The Tokyo Stock Exchange (TSE) gave Olympus until the 14 December to produce the accounts or face being delisted from the exchange. |
Organised crime | Organised crime |
It was the first time that Mr Woodford, a British citizen, has returned to Japan since the director's meeting that ousted him. | It was the first time that Mr Woodford, a British citizen, has returned to Japan since the director's meeting that ousted him. |
He has cited safety concerns for his decision to leave the country. | He has cited safety concerns for his decision to leave the country. |
"I was at risk because we didn't know who received the money. We still don't," he said on Wednesday. | "I was at risk because we didn't know who received the money. We still don't," he said on Wednesday. |
Earlier this month, the UK's Serious Fraud Office (SFO) launched its own inquiry into Olympus, liaising with other organisations and international colleagues. | Earlier this month, the UK's Serious Fraud Office (SFO) launched its own inquiry into Olympus, liaising with other organisations and international colleagues. |
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