Featured Articles

Intel refreshes CPU roadmap

Intel refreshes CPU roadmap

Intel has revealed an update to its CPU roadmap and some things have changed in 2015 and beyond. Let’s start with the…

More...
Hands on: Nvidia Shield Tablet with Android 5.0

Hands on: Nvidia Shield Tablet with Android 5.0

We broke the news of Nvidia's ambitious gaming tablet plans back in May and now the Shield tablet got a bit…

More...
Nokia N1 Android tablet ships in Q1 2015

Nokia N1 Android tablet ships in Q1 2015

Nokia has announced its first Android tablet and when we say Nokia, we don’t mean Microsoft. The Nokia N1 was designed…

More...
Marvell launches octa-core 64-bit PXA1936

Marvell launches octa-core 64-bit PXA1936

Marvell is better known for its storage controllers, but the company doesn’t want to give up on the smartphone and…

More...
Nvidia GTX 970 SLI tested

Nvidia GTX 970 SLI tested

Nvidia recently released two new graphics cards based on its latest Maxwell GPU architecture, with exceptional performance-per-watt. The Geforce GTX 970…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Friday, 06 January 2012 13:46

Whistleblowing CEO sues Olympus

Written by Nick Farell



Zeus gets a writ in the post


The former British CEO of Olympus who was sacked after blowing the whistle on the tech outfit's $1.7 billion accounting fraud has dropped his bid to return to the company, Michael Woodford said that the outfit's scandal-tainted management and big Japanese shareholders were in a cosy relationship and the saga had taken its toll on his family. Instead he is suing them for wrongful dismissal.

Woodford was seen by smaller shareholders as someone who could sort the company out, and above all they trusted him to cut out the corruption in the company. However it turned out that Japanese institutional shareholders including Olympus' main lenders were not that happy with letting him back. Despite my having done the right thing, none of the major Japanese institutional shareholders have offered one word of support to me, Woodford told Reuters.

Woodford was on the job for just two weeks after he found out about a $1.7 billion accounting fraud. Foreign shareholders who want a new slate of directors, including U.S. fund manager Southeastern Asset Management now have no one on their side. Woodford said that he would sue Olympus for unfair dismissal and had instructed his lawyers to begin legal action in Britain.

Olympus was sacked on the grounds that he had failed to understand the company's management style and Japanese culture. This would appear to mean that it thought he should have treated the accounting scandal as if someone farted in a lift and pretend it never happened. Woodford fled to England after his sacking after he started receiving threats after he went public. He said his wife was suffering from trauma and was frightened by what had happened.

More here.


Nick Farell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments