Michael Woodford, the ousted chief executive of Olympus, left Tokyo on Saturday for New York, where he will meet US investigators about the Japanese camera maker's cover-up of huge losses. During a four-day stay in Tokyo, the Briton met police, public prosecutors and members of the Securities and Exchange Surveillance Commission to cooperate with their probe into a scam which surfaced after he blew the whistle on it.
Local media have reported that the investment losses may total more than 100 billion yen ($1.3 billion). The company has yet to disclose details. Adding to its mounting troubles, Olympus said on Friday a US investor had filed a class-action lawsuit against the company accusing it of presenting false financial statements for at least five years.
The case was filed with a Pennsylvania court by an individual on behalf of all holders of Olympus American Depository Receipts (ADRs) purchased between November 7, 2006 and November 7, 2011, Olympus said in a statement in Tokyo. ADRs allow a foreign company to trade on US stock exchanges. Woodford, who on Friday attended a high-profile Olympus board meeting for the first time since he was dismissed on October 14, told reporters at Tokyo's Narita airport before his departure that his visit had been positive.
Comments
Comments are closed for this article.