Woodford holding shareholder talks

Kyodo

Former Olympus Corp. President and Chief Executive Officer Michael C. Woodford is visiting Japan for talks with shareholders of the scandal-plagued company, his agent said Thursday.

The Briton, who is preparing for a possible proxy fight to regain the presidency of the company, will discuss his future course with the shareholders, the agent said.

Woodford, who returned to Britain after he was dismissed as Olympus president in October, has since visited Japan several times.

In December, investigators searched the Olympus head office and the home of former Chairman and President Tsuyoshi Kikukawa on suspicion of falsifying the company’s financial reports to cover up massive investment losses.

The investigators suspect Olympus covered up ¥117.7 billion in investment losses dating back to the 1990s.

In mid-December, Olympus revised its earning reports and posted a net loss of ¥32.33 billion for the April-September half-year, a reversal from a profit of ¥3.81 billion a year earlier. It also booked a one-off loss of ¥16.18 billion in the same period.