TOKYO: The ousted British CEO of Olympus Corp, who blew the whistle on a $1.7 billion accounting fraud, dropped his bid to return to the medical device maker, blaming cosy ties between its scandaltainted management and big Japanese shareholders and saying the saga had taken its toll on his family.
Michael Woodford blew the whistle on a $1.7 billion accounting fraud that rocked the onceproud 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.
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