Ex-Olympus chief executive seeks reinstatement

Olympus E-5

Olympus E-5Michael Woodford, the recently sacked chief executive of Olympus has met with the company’s major shareholders as part of an apparent attempt to be reinstated. Woodford claimed he was fired in October for revealing what he claimed were corrupt practices within Olympus, notably the alleged payment of huge advisory fees during the takeover of a British medical equipment company in 2009.

The subsequent kerfuffle has caused Olympus shares to plunge on the Tokyo stock exchange. Meanwhile, an independent panel has called for legal action against any executives that took part in the unfolding accounting scandal.