28 May 2012
Ex-Olympus CEO begins £38m unfair dismissal claim
A multi-million pound compensation claim on the grounds of unfair dismissal has got underway at an employment tribunal in London today (May 28th).
Michael Woodford, the ex-chief executive officer (CEO) of Asian technology giant Olympus, is seeking damages of up to £38 million from his former employer after he was fired in October 2011 for alleged management failures.
The professional - who had worked for the Japanese firm for 30 years prior to his sacking - raised concerns to the board over the company's supposed involvement in several unusual payments.
This resulted in the exposure of accounting fraud worth around £1 billion and Mr Woodford insists he was fired due to discrimination after acting as a whistleblower on these outgoings.
Mr Woodford is therefore claiming compensation worth around ten years' of his salary at the time of his departure, but it is as yet unclear whether or not UK courts will have jurisdiction over the case as he was based in Tokyo while fulfilling his role as CEO.
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Posted by Francesca Witney