Former Olympus CEO Michael Woodford who was fired after exposing a massive accounting scandal has today called for wider investigations to shed light on the ?full extent of wrongdoing? at the firm.
Woodford (pictured), who was sacked in October after quizzing boardroom colleagues about suspicious deals, said the third-party committee report must just be the start of wider probes into financial malpractice.
In a statement released this morning, Woodford added: ?The panel?s report has made one thing painfully clear: the massive scale of the malfeasance from which the present directors and statutory authorities persistently averted their gaze.?
Woodford, who last week launched a campaign to be reinstated as CEO, said he hoped the findings would ?catalyze positive change at Olympus?.
Welcoming calls for a ‘sweeping renewal? of the boardroom, he added: ?Today?s report must be the beginning, and not the end, of our efforts to discover what has happened at Olympus.
?Elucidating the full extent of the wrongdoing cited in the panel?s report will require a wide-ranging investigation by agencies armed with investigative authority and advanced forensic resources.?
Woodford is helping authorities as part of separate, ongoing, inquires in Japan, the US and the UK.
‘Olympus remains a great company that boasts a proud history, superior human resources, distinctive products, and unparalleled technology,’ Woodford said in a statement emailed to Amateur Photographer.
‘I look forward to working with shareholders and employees to revitalise Olympus and steer the company towards realising its tremendous potential.’
Following his meeting with Tokyo police, prosecutors and financial regulators on 24 November, Woodford said he feels confident that the authorities will conduct a ‘thorough investigation’.
(Picture: C Cheesman)