Friday, January 6, 2012

The Oracle from Mt. Olympus: Former CEO, Woodford to file Wrongful Discharge Case

Woodford told a group of journalists on Friday that he would sue Olympus for unfair dismissal and had instructed his lawyers to begin legal action in Britain. Olympus said in October it was sacking Woodford because he had failed to understand the company's management style and Japanese culture.

Woodford, who fled to England after his sacking citing unspecified safety concerns, said the trauma suffered by his wife after he went public with his campaign played a major part in his decision to drop his bid to return to Olympus.

Olympus is being investigated by Japanese police, prosecutors and regulators and U.S. and British authorities over the scandal, in which the firm used dodgy M&A deals to hide investment losses stretching back over two decades.

The scandal at the 92-year-old firm revived concerns about lax corporate governance at Japanese companies generally and sparked speculation that organized crime syndicates were involved in the cover-up.


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