Featured Articles

5th Generation Broadwell 14nm family comes in three lines

5th Generation Broadwell 14nm family comes in three lines

Intel's 5th Core processor family, codenamed Broadwell, will launch in three lines for the mobile segment. We are talking about upcoming…

More...
Broadwell Chromebooks coming in late Q1 2015

Broadwell Chromebooks coming in late Q1 2015

Google's Chromebook OS should be updating automatically every six weeks, but Intel doesn't come close with its hardware refresh schedule.

More...
New round of Nexus phone rumour kicks off

New round of Nexus phone rumour kicks off

Rumours involving upcoming Nexus devices are nothing uncommon, but this year there is a fair bit of confusion, especially on the…

More...
Nvidia officially launches the 8-inch Shield Tablet

Nvidia officially launches the 8-inch Shield Tablet

As expected and reported earlier, Nvidia has now officially announced its newest Shield device, the new 8-inch Shield Tablet. While the…

More...
Aerocool Dead Silence reviewed

Aerocool Dead Silence reviewed

Aerocool is well known for its gamer cases with aggressive styling. However, the Dead Silence chassis offers consumers a new choice,…

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