- CNTV English - CCTV News

Olympus ex-CEO calls for urgency in dealing with scandal

11-24-2011 10:59 BJT

Watch Video

Play Video

The Japanese markets were closed today for a national holiday, but we do want to give you an update on the Olympus story we've been following. The company's Former CEO Michael Woodford arrived in Japan on Wednesday ahead of a board meeting that will take place two days later.

This is Woodford's first return to Japan since his sacking as CEO a month ago. He urged Tokyo police to look into the mess as speculation mounts of possible links to organized crime.

Olympus CEO Michael Woodford has been "demoted"
for questioning the company's fee arrangements
in earlier takeovers.

Woodford himself is the one who blew the whistle on the company’s accounting scandal. The firm on Monday announced a third-party panel to investigate the matter.

So far, no evidence has been found to support the allegations, but the final result will likely come out by December.

Woodford is also calling for a change in management, either with him or not. He hopes Olympus would remain listed, despite losing two-thirds of its market value once the scandal broke.

Woodford said: "What we should say now is this is what we know and this is what we’re doing. We should include a forensic review of all the transactions which would establish which parties we worked with and which monies went to them. And I would hope that if there was a confidence in the board, whatever may come out, that could stop delisting. At the moment, if we are saying we don’t want anything explored because that would stop delisting then that’s the wrong way to go about it. That would just store problems up in the future."


Editor:Zhang Rui |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program