Olympusu2019s refusal to tell shareholders why it sacked whistleblower Michael Woodford does not make last weeku2019s crucial shareholdersu2019 meeting null and void, the troubled camera maker claimed today.

Olympus?s refusal to tell shareholders why it sacked whistleblower Michael Woodford does not make last week?s crucial shareholders? meeting null and void, the troubled camera maker claimed today.

At an EGM, held last Friday, Olympus shareholders approved the scandal-hit company?s choice of new chairman and president and gave the green light to accounts that were revised in the wake of the £1.1 billion financial cover-up.

But, former Olympus CEO Michael Woodford (pictured) criticised the board for keeping two of its members ? Kazuhiro Watanabe and Shinichi Nishigaki ? as senior managers.

He called for them to be replaced, claiming that they knew about the improper accounting, but failed to act.

Olympus maintains that the pair were not involved in the accounting scandal.

Woodford said the board’s refusal to outline the reason for his dismissal as CEO meant shareholders can ask courts to invalidate the meeting ? potentially leaving the firm without a management board.

At the meeting, an Olympus official cited ongoing legal action with Woodford as the reason it would not comment on his dismissal.

Though the firm acknowledges the comments Woodford made at the meeting, Olympus Tokyo spokesperson Ayako Nagami today told Amateur Photographer (AP): ?In our opinion? the fact that we refrained from answering a question because of the possible impact on an ongoing lawsuit does not immediately invalidate the resolutions passed at the extraordinary shareholders? meeting.’

During the meeting ? held at a Tokyo hotel ? new president Hiroyuki Sasa told shareholders that he plans to ?fix the damaged brand and win back trust as soon as possible?.

Yasuyuki Kimoto was voted in as chairman, despite concerns from foreign investors that his links with Olympus’s main bank, Sumitomo Mitsui Banking Corp, represents a potential conflict of interest.

[Picture credit: C Cheesman]

  • Red

    I finally take EOS400D. maybe it’s a stiupd reason, but I jst don’t like the Olympus eye n liveview, cos it jst don’t looks clear and dark, whereas the Canon looks brighter and clearer.The sales guy told me the view doesn’t effect the quality of the picture. But I think I couldn’t compromise on that. It’s like wearing and old eye glasses and new one. I think I just have to make use with less features, at lower price and no extra lens. I bought my EOS400D.

  • Richard

    Did anyone read, “Rising Sun?” Might give some insight into their thought processes in this case.