{"id":11558,"date":"2011-12-14T03:12:49","date_gmt":"2011-12-14T03:12:49","guid":{"rendered":""},"modified":"2011-12-14T03:12:49","modified_gmt":"2011-12-14T03:12:49","slug":"Japan-s-disgraced-Olympus-says-may-rehire-ex-CEO","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=11558","title":{"rendered":"Japan’s disgraced Olympus says may rehire ex-CEO"},"content":{"rendered":"

Japan’s disgraced Olympus Corp said on Thursday it would consider reinstating Michael Woodford, the British chief executive it sacked two months ago and who blew the whistle on a fraud that has left it weakened and in need of fresh capital.<\/strong><\/p>\n

Woodford’s return would mark a dramatic climb-down by the existing board of Olympus, which had unanimously fired him in October after he had queried the firm’s dubious book-keeping. The firm later admitted to uncovering a $1.7 billion fraud.<\/p>\n

But there remained serious doubts whether Woodford would indeed be chosen against other candidates for his old job.<\/p>\n

Takayama, currently the most senior executive after several resignations since Woodford’s departure<\/strong>, said he had no plans to meet the Englishman, who some big Japanese shareholders and lenders privately oppose, according to a banking source.<\/p>\n

Takayama has said that he and fellow directors will resign soon, to make way for an entirely new board to be elected by shareholders at a meeting to be held in March or April, and that the board wants to choose its successors before it quits.<\/p>\n

The firm, whose main income-earner is its very profitable endoscope business, avoided automatic delisting from the Tokyo Stock Exchange by meeting Wednesday’s deadline for producing its overdue second-quarter accounts, giving some initial relief to investors who had feared it might miss the deadline.<\/strong><\/p>\n

However, the 92-year-old firm can still be delisted if the exchange believes the accounting deceit was grave enough.<\/p>\n

Source Reuters<\/a>
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