Reuters: With new board, Olympus looks to draw a line under scandal

April 20th, 2012

By Tim Kelly
Fri Apr 20, 2012

(Reuters) – Peering from a hotel window 50 floors above Japan’s bustling capital, Michael Woodford eyes the Olympus Corp building where he was fired six months ago. To the right, he sees the flat he had to quit that day before he was told to take a bus to the airport.

Olympus (7733.T), a camera maker and the world’s biggest manufacturer of endoscopes used for internal medical examinations, sacked its British CEO after he queried staggeringly high advisory fees paid in past acquisitions. In the weeks that followed, regulators uncovered a $1.7 billion accounting fraud stretching back over more than a decade.

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