The former Olympus Corp. CEO who blew the whistle on dubious spending at the Japanese camera and medical equipment maker said Friday he is giving up his fight to regain the presidency and plans to sue the company.
Michael Woodford said he decided to drop his bid when he realized he didn't have the support of Japanese instituational investors, whom he blamed for tacitly allowing the current board to stay on despite acknowledging a massive cover-up.
"Despite one of the biggest scandals in history, Japanese institutional investors have not spoken one single word of criticism, in complete and utter contrast to overseas shareholders who are demanding accountability from directors," Woodford told a news conference at the Japan National Press Club in Tokyo. (AP)
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