AAPL Stock: 111.43 ( + 1.93 )

Printed from

Olympus settles with ex-CEO before employment tribunal

updated 09:05 am EDT, Tue May 29, 2012

Ex-CEO Woodford agrees settlement ahead of whistle-blowing trial

Olympus ex-CEO Olympus Michael Woodford has agreed to a settlement with his former employer. An employment tribunal due to run in London this week would have seen Woodford asking for 10 years pay as compensation for being fired from the camera maker, after he emerged as a whistle blower on $1.7 billion in fraudulent accounting practices over a 20-year period. According to Reuters, the undisclosed settlement is expected to be less than the $60 million originally believed to be requested.

The $1.7 billion corporate fraud scandal saw former Olympus chairman Tsuyoshi Kikukawa, former executive vice president Hisashi Mori and former auditor Hideo Yamada arrested and charged with violations of Japan's Financial Instruments and Exchange Law. The company sued the three men as well as fifteen other current and former executives for their roles. Olympus itself was fined nearly 200 million yen ($2.5 million) by Japan's Financial Services Agency, which was endorsed by the Securities Exchange and Surveillance Commission.

The settlement is subject to approval by the board of Olympus on June 8, with the option to re-open the case if it is not accepted. With uncapped claims, the compensation from the reopened case would potentially reach higher than $60 million.

by MacNN Staff



Login Here

Not a member of the MacNN forums? Register now for free.


Network Headlines

Follow us on Facebook


Most Popular


Recent Reviews

Polk Hinge Wireless headphones

Polk, a company well-established in the audio market, recently released a new set of headphones aimed at the lifestyle market. The Hin ...

Blue Yeti Studio

Despite being very familiar with Blue Microphones' lower-end products -- we've long recommended the company's Snowball line of mics ...

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...


Most Commented