michael woodford will speak to japanese authorities who are looking at the company's cover-up of huge financial losses. woodford spoke to the media on wednesday after he arrived at narita international airport. he called on olympus to come clean about a scheme to hide its substantial losses from investors. >> what is the detail? who received money from olympus? which organizations or companies or people worked with olympus? we need answers to that. not just saying it was done and that's the end of the story. >> woodford also said he's prepared to return as president if shareholders want him to. the company fired woodford on october 14th. he said he was dismissed because he questioned large payments that were made in four acquisitionses. olympus cited a disagreement over his management style. olympus executives later admitted the company had inflated payments for corporate buyouts to hide investment losses from the 1990s. woodford will meet the tokyo district public prosecutors and the commission of exchange and securities. he remains an olympus director and will also attend a board me

in a sense here, puts the man and his mission in focus. >> with cameras snapping, michael woodford touched down in tokyo, confident and confrontation confrontational. >> that's not good for japan. >> woodford back in japan for the first time since his firing, wants the cameramaker disclose in the takeover fees. the largest in history. dating back in 2006. olympus originally denied any wrongdoing and initially let woodford go. disclosed former chairman, a chief auditor and vp had all colluded together. despite those admissions, at louis capital, advises this. >> there's clearly a lot more work to be done. no way to verify the data that we're basing our decisions, the actual transactions that taken place. >> be with me or without me, olympus needs new management. they need to someone who gives confidence that everything will be looked at and nothing will be hidden. >> reporter: looking ahead, michael woodford hopes to avoid delisting the company from the japan stock exchange. that will depend on the ongoing campaign. >>> and to woodford has done here is particularly impressive on a global sc

i just found it incredulous. >>> that was michael woodford. he spoke me there back on the 25th of october about one of the biggest corporate accounting scandals to hit japan in years. of course, the next day he resigned and olympus says the investigation is nevertheless ongoing. >>> in the you state, the major stock markets climbed higher in the final hours of trade on monday as investors kept a close watch on developments in italy. the price of bonds crept up a fraction following the record yield numbers in europe. here are the closing numbers. up by about two-thirds of a percent for the blue chips for the dow. only one-third of a percent for the nasdaq and i'm not sure what happened to the s&p 500. again, we seem to have a number there, a number that clearly is wrong. it did trade obviously on monday. >>> now, it's a tough job, but somebody has to do it. greece was expected to name the new prime minister on monday. what's taking so long? a live report from athens in just a moment. if you've just signed up for medicare or will soon, there's n

last month michael woodford lost his job for speaking out about huge financial losses at the optical equipmentmaker. he left japan in a hurry citing security concerns. now he's back speaking to authorities and in an exclusive interview to nhk. the british national arrived in japan on wednesday for the first time since his dismissal. he went to the tokyo district prosecutor's office on thursday. woodford also visited the securities and exchange surveillance commission and the tokyo metropolitan police department. he reportedly explained his understanding of what occurred until he was forced to step down. >> i have now a high degree of confidence that the japanese authorities will make sure this story comes out in all its detail. >> olympus is accused of continuing to conceal significant losses as a result of investments made during the 1990s. they added up to more than 100 billion yen. company executives allegedly hid the losses for many years using inflated price tags for corporate acquisitions. woodford became the president of olympus in april. soon after he pointed out the accounti

michael woodford, the firm's first foreign ceo is back in japan to face off with former colleagues. six weeks ago the board unanimously fired him after he questioned billions in past takeover fees. ramy inocencio is following the story. >> in the past few minutes michael woodford came out of the meeting to discuss the probe. two main points, one, he said he was immensely encouraged and confident that japan will get the details of the money flow transactions in question. and on friday he says he's going to tell them the game supp, stop hiding and do the right thing for their tokyo. just yesterday woodford touched down in tokyo. when he landed he was very confident and also a little bit confrontational. >> japanese life is wonderful to be harmonious in a personal level with your friends and family. in a corporation you need agitation, you need challenge, you need questioning. if that's not good for japan, then i'm very sad. >> and you'll remember that michael woodford has been questioning this much money, $1.4 million in acquisition fees. one of those fees amounted to $687 million or

michael woodford will speak to authorities who are looking into the cover-up. woodford spoke to the media after he arrived. he called on olympus to come clean about a scheme to hide substantial losses from investors. >> who is the detail? which organizations worked with olympus. we need answers. not just saying it was done and that's the end of the story. >> woodford said he is prepared to return as president. the company fired woodford on october 14. he said he was dismissed because they questioned large payments. olympus citing a disagreement over management style. the company had inflated payments for corporate buy-outs in the 1990s. woodford will meet prosecutors. he remains an olympus director and will attend a board meeting on friday to question the company about the cover-up. >>> a close call in auckland, new zealand, for people in a busy waterfront shopping district. a pilot was using a helicopter to help install a christmas tree on wednesday. then, something went wrong. the helicopter is hanging steel scaffolding hovering about 8 meters above the groun

. >>> michael woodford just under four weeks ago.ve been seeing, down by more than three quarters of their value, 76% to be exact. a number down 20% today alone. now, to try to stop the company's valuation from imploding completely, short selling of its shares on the tokyo exchange has now been suspended. now, olympus fired mr. woodford after he questioned the company's payment of almost $700 million in advisory fees on a takeover deal. and since then further revelations of impopriety have come thick and fast. well, misdeeds coming to light are so widespread, the questions are now being asked about how they could have gone unnoticed. one of the people asking those questions is the man that olympus fired. he told charles hodgson that the company needs to start talking. >> i've seen some of the documents and release some of them myself. i think there are fundamental questions for the two large companies involved, both kpmg and ernst & young. both qualified the u, accounts which paid the $620 million from the uk to cayman islands on yea

he says the only way to do that is for the board of directors to step down, michael woodford. the optical equipment-maker is in trouble for covering up huge investment losses for years. woodford attended his first board meeting since october 14th, the day he was fired. he fell out of favor because he questioned accounting irregularities. although he is no longer ceo, he is still a board member. >> and i'm not at liberty to discuss the detailed content. we had a constructive and honest exchange. >> woodford's brief successor as ceo, tsuyoshi kikukawa and two other figures did not go to friday's meeting. they resigned from the board of directors on thursday. the trio is suspected of having a hand in the cover-up they inflated the purchase prices on acquisitions among other thing. current ceo takayama is dismissing the suggestion that the board resign and be replaced by a new management team. he doubts that would help olympus overcome the crisis. woodford, though, is standing firm. >> there is also an understanding that these people cannot continue as directors and that there wil

he says the only way to do that is for the board of directors to step down, michael woodford. the optical equipment-maker is in trouble for covering up huge investment losses for years. woodford attended his first board meeting since october 14th, the day he was fired. he fell out of favor because he questioned accounting irregularities. although he is no longer ceo, he is still a board member. >> and i'm not at liberty to discuss the detailed content. we had a constructive and honest exchange. >> woodford's brief successor as ceo, tsuyoshi kikukawa and two other figures did not go to friday's meeting. they resigned from the board of directors on thursday.y. is sus a hand in the losses. they inflated the purchase prices on acquisitions among other thing. current ceo takayama is dismissing the suggestion that the board resign and be replaced by a new management team. he doubts that would help olympus overcome the crisis. woodford, though, is standing firm. >> there is also an understanding that these people cannot continue as directors and that there will come a point, hopefull

. >> reporter: in tokyo, michael woodford has incited the kind of media frenzy usual recovered for rock stars, the whistle lower and exchief of olympus says he has been unwittingly cast. >> the mention of organized crime, border battles, character assassination, you know, it's just been a surreal few weeks. >> reporter: japanese companies have long been criticized for their cozy,ed inner corporate culture. japanese themselves say the change is difficulty without something called gaiatsu, which literally translates as pressure from foreigners. shortly after he took office last summer, the 51-year-old ex-president learned that olympus, a leader in complex medical equipment for decades, had covered up losses of at least $1.5 billion through a series of bizarre investments. >> a face cream company. now, olympus is a high-tech company. it makes sophisticated medical products and cameras and microscopes. and why would we want to compete in the cosmetibs industry with no background or knowledge? >> reporter: woodford is among only a hand full of foreigners who have run japanese companies. >> i

former ceo michael woodford pointed out the irregularities to the firm's chairman and board. heasudnldiisd st moh. yms entual appoiedhe thd-rtcoite investigate the extraordinary expenditures. olympus has been under pressure >>> olympus president, shuichi takayama, said the company started investing in securities in the 1990s, when people were dealing with the collapse of the country's economic bubble. >> translator: most japanese companies at the time were struggling with stagnant sales and declining profits. they decided to invest in securities to try to improve their bottom lines. it seems our company has been hiding its losses since that time. >>> a large number of japanese firms ended up with huge investment losses in the 1990s. olympus is believed to have used shady accounting to cook its books. a fme surities company official tells nhk it was no secret >>> the accounting practice involves the sale of money-losing securities to other companies, at prices higher than market value. that makes a corporation's books look better than they actually are. it's just window dressi

kikukawa's departure came less than two weeks after he fired then-ceo michael woodford for failing tonderstand japanese management practices. woodford said he was sacked for challenging what he vibes as excessively high consultancy fees paid in the buy-outs. >> they're so extraordinary, these payments and the way they've been made. i just can't understand how that could have happened unless there was some type of issue behind them in relation to more sinister matters. >> in 2008, olympus bought british medical equipment maker gyrus for some $2 billion. but the japanese firm reportedly paid more than $687 million to investment firms that advised it on the purchase. which some observers say is outrageously high. between 2006 and 2008, olympus also bought three japanese firms with seemingly little strategic value. for a total of $967 million. olympus wrote down more than three-quarters of their value in the fiscal year ended march 2009. last week, the company said it would establish an independent task force to review past acquisitions. seeking to ease mounting shareholder pressure. the

kikukawa's departure came less than two weeks after he fired then-ceo michael woodford for failing tonderstand japanese management practices. woodford said he was sacked for challenging what he vibes as excessively high consultancy fees paid in the buy-outs. >> they're so extraordinary, these payments and the way they've been made. i just can't understand how that could have happened unless there was some type of issue behind them in relation to more sinister matters. >> in 2008, olympus bought british medical equipment maker gyrus for some $2 billion. but the japanese firm reportedly paid more than $687 million to investment firms that advised it on the purchase. which some observers say is outrageously high. between 2006 and 2008, olympus also bought three japanese firms with seemingly little strategic value. for a total of $967 million. olympus wrote down more than three-quarters of their value in the fiscal year ended march 2009. last week, the company said it would establish an independent task force to review past acquisitions. seeking to ease mounting shareholder pressure. the

michael woodford had an ill just yus 30-year career at olympus before he made it to the top becomingresident this year. however, almost immediately he began inquiring about four questionable corporate acquisitions by olympus in 2008. woodford approached a british auditing firm to investigate the deals. the firm's preliminary rofrt described the $2 billion price tag for one of the acquisitions, a british medical equipment maker as unusually high. it also questioned the roughly $687 million commission to the brokers who arranged the deal. they said olympus may have committed irregularities. >> it's the largest payment ever in the history of capitalism and m&a activity. for what and for whom? for what was the money paid and to whom was it paid? which is outrageous to anybody who's looking at it. any informed observer. >> reporter: six months after being promoted, woodford was abruptly fired right after he outlined the deal's questionable nature to olympus officials. the firm says it fired him because of his authoritarian way of management. woodford also launched investigations into olym

michael woodford will speak to japanese authorities who are looking into the company's cover-up of hugeancial losses. woodford spoke to the media on wednesday after he arrived at narita international airport. he called on olympus to come clean about a scheme to hide its substantial losses from investors. >> what is the detail? who received money from olympus? which organizations or companies or people worked with olympus? we need answers to that. not just saying it was done and that's the end of the story. >> woodford also said he's prepared to return as president if shareholders want him to. the company fired woodford on october 14th. he said he was dismissed because he questioned large payments that were made in four acquisitions. olympus cited a disagreement over his management style. olympus executives later admitted the company had inflated payments for corporate buyouts to hide investment losses from the 1990s. woodford will meet the tokyo district public prosecutors and the commission of exchange and securities. he remains an olympus director meeting on friday to question the com

last month, michael woodford lost his job for speaking out. he left japan in a hurry, citing security concerns. now he's back speaking to authorities and in an exclusive interview to nhk. the british national arrived in japan on wednesday for the first time since his dismissal. he went to the tokyo district prosecutor's office on thursday. he visited the securities and exchange commission and the tokyo police department. he reportedly explained his understanding of what occurred until he was forced to step down. >> i have now a high degree of confidence that the japanese authorities will make sure this story comes out in all its detail. olympus is accused of continuing to conceal significant losses as a result of investments made during the 1990s. they added up to more than 100 billion yen. company executives allegedly hid the losses for many years using inflated price tags for corporate acquisitions. woodford became the president of olympus in april. soon after, he pointed out the accounting irregularities. he was fired in mid-october. woodfo

michael woodford had an illustrious 30-year career at olympus before he made it to the top becoming presidentf the company in april of this year. however, almost immediately he began inquiring about four questionable corporate acquisitions by olympus in 2008. woodford approached a british auditing firm to investigate the deals. c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c tag for one of the acquisitions, a british medical equipment maker as unusually high. it also questioned the roughly $687 million commission to the brokers who arranged the deal. it says olympus may have committed irregularities. >> it's the largest payment ever in the history of capitalism and m&a activity. for what and for whom? for what was the money paid and to whom was it paid? which is outrageous to anybody who's looking at it. any informed observer. >> reporter: six months after being promoted, woodford was abruptly fired right after he outlined the deal's questionabl