Reuters - Video

Edition: U.S. | U.K. | IN | CN

Business

Ousted Olympus CEO seeks police protection

Thursday, October 20, 2011 - 01:54

Oct. 20 - In an intervew with Reuters Insider in London, former Olympus CEO Michael Woodford says he will approach Scotland Yard to ask for police protection. Axel Threlfall reports.

▲ Hide Transcript

View Transcript

Less than a week after being ousted from his post as CEO of Japan's Olympus, Michael Woodford is back in Britain and, he says, in fear for his personal safety after passing new information to British fraud investigators. SOUNDBITE: Michael Woodford, former Olympus CEO saying (English): " When I went to the serious fraud office, they made clear that they're not the police. They're part of the Ministry of Justice and if I have concerns about my safety then I should go to the police and I will be going to Scotland Yard." Woodford was dismissed only two weeks after being promoted to chief executive. Olympus blamed management issues. The ousted exec says he was pushed out for questioning mystery payments. SOUNDBITE: Michael Woodford, former Olympus CEO saying (English): "Whether there's forces behind it because these transactions are so extraordinary, is a fundamental concern of mine again because if we get into the specifics of the transactions, anyone who has looked at them, you are looking at amounts approaching one-and-a-half billion dollars, which is pretty inexplicable and the concerns, I've been advised by contacts in Japan that I should take care of my safety and there's a potential for organised crime to be behind some of this." Fees paid as part of the Olympus's $2.0 billion acquisition of British medical equipment maker Gyrus in 2008 have been a particular focus. SOUNDBITE: Michael Woodford, former Olympus CEO saying (English): "We've paid for advisers, two advisors 687 million dollars to the Cayman Islands. That represented 35 percent - it was in relation to Gyrus, a UK health care company, 35 percent of the total acquisition price, where the norm is one to two percent. It's just an extraordinary transaction and there are other transactions that raise concern. Why would a publicly-listed, Nikkei, iconic company like Olympus pay advisors well over half a billion dolllars? It's just extraordinary." The scandal, which has again thrown a spotlight onto corporate governance in Japan, has sent Olympus's shares into free-fall. Banks have suspended stock ratings and a Japanese ratings agency has threatened to downgrade its credit rating. Axel Threlfall, Reuters.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Ousted Olympus CEO seeks police protection

Thursday, October 20, 2011 - 01:54

Editors' Picks »

Moving Pictures »

Images of December Images of December

Tue, 23 Dec, 2014 - (0:30)

Tsunami - unclaimed possessions Tsunami - unclaimed possessions

Tue, 23 Dec, 2014 - (2:23)

Images of November Images of November

Tue, 02 Dec, 2014 - (0:30)

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Sports And Leisure »

Mourinho's "Let's go to Wembley" Mourinho's "Let's go to Wembley"

Wed, 28 Jan, 2015 - (1:16)

Diver Daley trains in Rio Diver Daley trains in Rio

Tue, 27 Jan, 2015 - (0:55)

Drogba on his Chelsea hopes Drogba on his Chelsea hopes

Mon, 26 Jan, 2015 - (0:52)

NBA legend shoots from the hip NBA legend shoots from the hip

Wed, 14 Jan, 2015 - (1:13)

Tennis ace Murray proposes to girlfriend Tennis ace Murray proposes to girlfriend

Thu, 27 Nov, 2014 - (0:41)

Sports Spread: Tinkering Liverpool target Chelsea Sports Spread: Tinkering Liverpool target...

Thu, 06 Nov, 2014 - (11:18)

Flying car prototype takes to the skies Flying car prototype takes to the skies

Wed, 29 Oct, 2014 - (2:18)

Dateline Asia »

Samsung sees profits slide Samsung sees profits slide

Thu, 29 Jan, 2015 - (0:57)

Chinese firms on overseas shopping sprees Chinese firms on overseas shopping sprees

Thu, 29 Jan, 2015 - (2:28)

iPhone grabs top spot in China iPhone grabs top spot in China

Wed, 28 Jan, 2015 - (1:40)

Robot replacements for Foxconn's workers Robot replacements for Foxconn's workers

Wed, 28 Jan, 2015 - (1:12)

Alibaba could set sights on Yahoo Alibaba could set sights on Yahoo

Tue, 27 Jan, 2015 - (1:24)

Fashion designers finding haste makes waste Fashion designers finding haste makes waste

Tue, 27 Jan, 2015 - (2:07)

Be afraid, the Chinese are spending less Be afraid, the Chinese are spending less

Mon, 26 Jan, 2015 - (1:33)

Asia markets shrug at Greek elections Asia markets shrug at Greek elections

Mon, 26 Jan, 2015 - (1:36)

Asia markets toast ECB stimulus Asia markets toast ECB stimulus

Fri, 23 Jan, 2015 - (1:42)

Asia Week Ahead: Markets await Greece vote Asia Week Ahead: Markets await Greece vote

Fri, 23 Jan, 2015 - (1:18)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:22)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)