Olympus chiefs keep whistleblower judgement day secret
May 31, 2012
On Tuesday, Woodford reached an out-of-court settlement with Olympus ahead of an employment tribunal where the former CEO had planned to bring a case against the company for unfair dismissal.
Neither party has so far commented on the terms of the settlement – widely reported to be worth around £10m.
The deal is subject to ratification by the Olympus board of directors, who are expected to rubber-stamp the agreement.
Though reports have suggested that the Olympus board will meet to discuss the matter on 8 June, this is not official according to a spokesperson for Olympus’s head office in Tokyo, Japan.
The spokesperson today told Amateur Photographer (AP): ‘We are moving towards an amicable settlement with Mr Woodford. An official decision will be made through a resolution by our board of directors.’
The spokesperson added: ‘Please note that [the reported date of] “8th June” is not an official announcement by Olympus.’
When pressed over when the board meeting will take place, Olympus declined to elaborate, saying this is ‘internal information’.
Speaking in February, Woodford told AP that if he won his legal action against the firm for unfair dismissal, he would focus his interests on road safety and human rights.
‘I’ve already set up a family foundation,’ he said at the time.
‘I would dedicate my efforts to Reprieve – a charity that addresses miscarriages of justice.’
If the Olympus board reject the payout figure, the tribunal could be reopened.
‘Hopefully, today is closure. A line has been drawn and the company can move on and I can to,’ Woodford told reporters outside the East London Employment Tribunal on Tuesday,
He described the potential settlement as ‘positive and in the interests of both parties’.
Woodford added: ‘I genuinely hope that, in the interests of Olympus, it helps them move forward.’