Woodford to sue Olympus over firing, drops CEO bid

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(Reuters) – The ousted British CEO of disgraced Olympus Corp, who blew the whistle on a $1.7 billion accounting fraud, dropped his bid to return to lead the medical device maker, blaming cozy ties between its management and big Japanese shareholders and saying the saga had taken its toll on his family.

Michael Woodford‘s campaign against its management rocked the once-proud maker of endoscopes and cameras, but failed to win over Japanese institutional shareholders including Olympus’ main lenders, who support a board that has been castigated for insufficient oversight.

“Despite one of the biggest scandals in history, the Japanese institutional shareholders have not spoken one single word of criticism, in complete and utter contrast with the overseas shareholders who were demanding accountability,” Woodford told a news conference in Tokyo on Friday.

Full story: Woodford to sue Olympus over firing, drops CEO bid | Reuters.