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Woodford to receive Y1.2 billion in settlement with Olympus

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Funny how 10 million quid in the bank changes a man from telling the media how rotten and corrupt Olympus was, to what a wonderful company it is with such a bright future. The contract agreement would have put paid to that.

In that situation, make your mind up. Are you a glorious crusader shedding light on the corruption and crooked practice at Olympus, or are you just looking for a glorious payday? You told the world, in such a brave manner, how you fought the corrupt executives. But then you were so quick to bank the out of court settlement and then say nice things about the company.

Mr Woodford, we finally see you in your real light. Because if you really believed in the strength of your conviction then why settle out of court? Kerr-ching...!

-4 ( +12 / -16 )

@TigersTokyoDome: exactly my thoughts. Once again this case is reaffirming the world that Capitalism is nothing but legalized corruption. Money is Almighty, foreget about Moral Values.

0 ( +9 / -9 )

I dunno, he accused management of being many things, including rotten and corrupt, but I think he was always pretty clear about his enthusiasm for Olympus as a company, and his respect for its products and particularly for its front-line engineers and manufacturing pros. He worked there for decades, after all, most of the time in charge of selling its technology throughout Europe. I'm inclined to take his latest statements at face value.

20 ( +23 / -3 )

Mr Woodford, we finally see you in your real light. Because if you really believed in the strength of your conviction then why settle out of court? Kerr-ching...!

TigersTokyoDome -- Nonsense. And your anti-gaijin bias is showing. He got canned by a bunch of crooks simply because he would not sweep the fraud under the carpet and deceive the sharholders -- like they had done for at least two decades. He had nothing to gain by going to court, as he had already alerted the authorities to the crimes and management has been replaced and some arrested. A better question would be why did Olympus settle and not try to prove their firing of him was justified? Oh, that's right, because that was just another lie that they hoped would get them by. Stop blaming the messenger and focus your indignation on where it belongs -- on the crooks who stole billions in yen in salaries while they blatantly broke the law.

10 ( +15 / -5 )

Stephen, I understand what you are saying. But his whole story was about uncovering corruption and telling the world how he was right. So why didn't he see it through in court? He was well on course for receiving his 10 year claim. Why settle out of court once he saw the cheque for 10 million quid! It just makes you feel that he was only in it for the money from the start. Which then makes you question his motives in the job from when he was promoted and appointed.

I'm definitely not an 'I told you so' sort of person. But when this story first broke I got stick from posters for questioning why Woodford would totally accuse his employers and go straight through the media when he was first sacked.

-12 ( +3 / -15 )

more Japanese whistleblowers need to come out and expose the hidden corruption in these corporations, when people realise that doing nothing will cost more in the long run with government bailouts (taxpayers money). should be tougher laws to protect whistleblowers & more incentives to make whistleblowers come forward.

7 ( +9 / -2 )

Still going on in other corporations in japan, time for the whole corporate structure to be changed. It needs new regulations and laws. Olympus and Mr Woodford can now both move forward. His statement“It is a wonderful company with wonderful products and people and has a bright future ahead of it.” I think was genuine. He gave over 30 years of his life to the company, rising up through the company to CEO,and he did that without feelings for the company??? I don't think so. In todays corporate world a 15 million dollar settlement is very low.

5 ( +6 / -1 )

The squeaking wheel did get paid.... for snitching.

-12 ( +2 / -14 )

The ONLY reason he is getting ANY money is that he sued them in the UK. Had he tried that in Japan, he would get Diddle-E-Squat!!! because the companies would know that the system takes EONS to reach a conclusion.

A whole lot a nuthin'. Is what he'd have gotten had he sued in Japan.

Hmmm. In writing this I've changed my conclusion. If he'd sued in Japan he'd have gotten the payout anyway just to shut him up.

1 ( +2 / -1 )

If Woodford had kept his mouth shut he would have earned much more during the years he had left of his working life, even if he would have retire early. I am glad there are people like him, who are not just thinking about maximizing the personal gain but also about morals and how clean the money they earn is. I am pretty sure he knew the name of the game and he knew what he was risking and also that there are no warranties for a cent more money. I am glad he got a nice sum in any case and that he can carry on paying his mortgage and continue living without ending up on the streets. I wish him good luck.

5 ( +7 / -2 )

Too much

-2 ( +2 / -4 )

I certainly hope the billion yen settlement will help him

carry on paying his mortgage

!

0 ( +1 / -1 )

I wish he would have fought this. Like I said a few weeks ago, this only teaches them that people cane still be bought off. Hand over a little envelope with cash and all is fine. Nothing learned here except not to hire foreigners.

Wonder how he'll spend his money. Has he found another job?

-4 ( +2 / -6 )

Some very little insider info -

Olympus were DESPERATE beyond DESPERATE to settle out of the public / media eye. They bent over backwards for an out of court settlement, persuading(?) Woodford to accept , so as to not damage the company and it's employees any further, devaluing stock & status again.

Woodford's target was the executives - not the company and it's 1,000's of workers, many many of whom he knows and respects.

He wanted to excise the grub that had bored into the apple, poisoning the fruit and he was succesful.

5 ( +9 / -4 )

And lay offs have been announced. I wonder if those without a job will blame the company, as they should, or Woodward. The big wigs aren't suffering for this, the little guys are.

-4 ( +1 / -5 )

People here do not realize Mr. Woodford does not get it all. Probably a half of the settlement will cover his legal cost to lawyers, court fee, other expenses. I assure you he will not get rich from the settlement.

The best outcome from this is that the world investors and shareholders are well informed about Japanese unethical business practice. And we will be very caucious how to interpret Japanese financial statement going forward..

I would like to send my sincere thumb up to Mr. Woodford and his team to win this case. Japan needs to change. Again congratulations to Mr. Woodford. His voice has been well heard. You are now dismissed!

4 ( +7 / -3 )

He expressed his respect for the company and he didnt want to ruin its reputation any further so it would makes sense to settle out of court even though it would have been an interesting trial.

2 ( +3 / -1 )

Good on Woodford! I also think he is sincere about Olympus & hopes it recovers & prospers.

As for going to trial...........yeah there might be a few juicy bits pop up here & there but really if you have ben reading about this we have the big picture, we know what happened, its all out there.

The only thing I really wud love to confirm are the yakuza/scumabgs who got their losses paid back in the Caimans, wud love to see them up on charges etc.

Other than that we pretty much have it, if someone wants the fine detail, READ & make your own big flow chart with all the connections.

Although I doubt it will happen I wud love to see a REAL NEW Olympus emerge, hire a proper board, clean up the usual black hole that is accounting in Japan & put on & keep on, a new face & proudly go forward.

BUT so far we just have sculking, shying from the media, a new board of hacks, so sadly it seems Olympus wont learn anything & neither will Japan, that sadly is what we take from all this.

But again good for Woodford, seems like a standup guy, pretty rare at the CEO level anywhere

1 ( +1 / -0 )

@herefornow You don't know what u r talking about. Woodford is not better than Olympus, he just takes the money, he is still your hero?

-6 ( +2 / -8 )

I agree with globalwatcher & a few of the other posters. Woodford succeeded in exposing the corruption that is rife in corporate Japan. Although there is little investors outside of Japan can do to promote change within the system, I would hope that outsiders will reduce their investment in Japanese businesses. Because Japanese corporate shareholders hold all the cards, nothing will ever change in the system here, and this type of corporate malfeasance will continue unabated because its an accepted part of the system here.

2 ( +3 / -1 )

Maitan, he is going to give them to a charity or some foundation against wrongdoings of high management, of course. So he will be my hero !!! Well that would be the only way for him to gain an ounce of respect from me. That's the whistleblower that reveal the secret... weeks after other published it in the media, and the guy that was the CEO and had been in the company during 20 years that "suddenly" discovered they cooked the book. He has not changed.

-2 ( +0 / -2 )

maitanJun. 09, 2012 - 10:57AM JST

@herefornow You don't know what u r talking about. Woodford is not better than Olympus, he just takes the money, he is still your hero?

I take it on behalf of herefornow. I respect his his courage to speak out the truth what is right and wrong. Enough said.

-1 ( +1 / -2 )

Congratulations.....Oh Happy Day!! Clap Clap Clap.......(standing) Clap Clap Clap.

Whistling!!!! *Man shouting "Good on ya" "Brilliant mate"

Clap Clap Clap.

Whistleblowers should be rewarded. Hopefully this will encourage others in Japan to speak their minds. You don't have to be a victim at the company. Speak up!!

-1 ( +1 / -2 )

@herefornow You don't know what u r talking about. Woodford is not better than Olympus, he just takes the money, he is still your hero?

maitan -- actually I do, as I have been an officer of a Fortune 500 company, as well as a Representative Director of a K.K. in Japan. And, yes, he is still "my hero", as you phrase it, because he understood what fiduciary responsibility means (maybe you should look it up). A concept that is totally unknown in Japan where managers only feel responsible to themselves/each other, and to hell with the share-holders. Also, because he has some moral fiber, again, unlike the managers of Olympus, and some posters here, who rationalize illegal behavior because it protects the employees -- yeah right.

1 ( +5 / -4 )

this is a cheap settlement for Olympus. it will not change any behavior. the amount should have been 10x.

2 ( +2 / -0 )

Cos - you don't really understand the background of the story at all do you?

Most people know about facta and how the whole saga unfolded and the position of Woodford throughout.

-1 ( +1 / -2 )

Who will hire a person like him who exposes company secrets?

-6 ( +0 / -6 )

@herefornow あなたは日本の事をわかっていません。ただ批判しているだけです。嫌なら貴方の国に帰ったらどうですか? If you can't read this then don't make any statements against japan, it's politic & it's companys, i don't care wherever you worked, corruption is everywhere, NOT only in Japan! i've got worked for companys worth over 80 billion $ on the market, so what? and for the other 80% of Japan Today readers, every single day i just read negative comments about this country we are living in. we all shoud respect another culture, not only because we are guests here, but also because Japan is (fortunately) not America, Europe or China. it has it's own mentality, culture and system. Olympus management made mistakes, ok, this people will pay for it, but your "Super-Hero" is responsible for many Olympus workers loosing their jobs because he went to the world media! have you ever thought about these people?

-10 ( +4 / -14 )

Maitan, in fact he did but he feels inclined to share his tidbits of wisdom with us

0 ( +2 / -2 )

we all shoud respect another culture, not only because we are guests here,

Speak for yourself. I am not a "guest" here and referring to those who have been here long term, pay their taxes and have family here is nothing but rude and wrong.

I also won't "respect" company culture that is corrupt and looks after the big guys while the little ones get taken for a ride. Have YOU ever thought about the people that screwed with all the corruption that goes on in this country? It is people like myself and others who make an honest living, pay their taxes and get taken for a ride because of the business "culture" here.

9 ( +11 / -2 )

Thumbs up agree 100% tmarie. Why the hell should these fat cats get away with their corrupt BS? Why should we respect that? Do people seriously think that doesnt "hurt" anyone? WAY wrong.

3 ( +3 / -0 )

All readers back on topic please and do not be impolite to one another.

0 ( +0 / -0 )

Wood ford 1 Olympus 0

0 ( +1 / -1 )

Woodford, a rare foreigner to lead a major Japanese company and the first at Olympus

And the last.

0 ( +1 / -1 )

As for him receiving 1.2 billion yen ... is he really worth that much? I get the feeling that he's not. How many other people got axed in Japan and walked away with a big payout? Offhand, I can't think of any other one like this guy did ...

-1 ( +1 / -2 )

TigersTokyoDome -- Nonsense. And your anti-gaijin bias is showing. He got canned by a bunch of crooks simply because he would not sweep the fraud under the carpet and deceive the sharholders -- like they had done for at least two decades. He had nothing to gain by going to court, as he had already alerted the authorities to the crimes and management has been replaced and some arrested. A better question would be why did Olympus settle and not try to prove their firing of him was justified? Oh, that's right, because that was just another lie that they hoped would get them by. Stop blaming the messenger and focus your indignation on where it belongs -- on the crooks who stole billions in yen in salaries while they blatantly broke the law.

A rather long-winded, roundabout and boring way of admitting exactly my point, that Woodford had no real intention of crusading against corruption but was in it for the money from the off. Accepting that much 'silence' money from the corrupt executives at Olympus just makes you the same as them. Thanks for underlining the point herefornow.

-5 ( +0 / -5 )

TigersTD - you haven't quite latched onto it yet.

And what do you really know about Woodfords intentions that we don't know?

Have you got some inside info not privy to others?

In it for the money? lol

Pittance compared to another 10 ~ 20 years in Exec heaven + mountains of benefits.

1 ( +3 / -2 )

A rather long-winded, roundabout and boring way of admitting exactly my point, that Woodford had no real intention of crusading against corruption but was in it for the money from the off. Accepting that much 'silence' money from the corrupt executives at Olympus just makes you the same as them. Thanks for underlining the point herefornow

Trigers -- huh? Your response is as absurd as your original post. He did "crusade against corruption" and it cost him his job, and possibly his future career. The fact that his only option to was to sue the bunch of crooks was brought on by them, not him. And the fact that they choose to throw money at him to avoid their shenanigans coming to light in court was, again, their choice, not his. Olympus started the dominos falling and Woodard just played the cards dealt him. Stop your silly semantic games. You are lost in your own hyperbole.

1 ( +3 / -2 )

JapanGalJun. 09, 2012 - 04:48PM JST

oodford, a rare foreigner to lead a major Japanese company and the first at Olympus

And the last.

@JapanGal

Look at a huge success of Nissan today lead by Carlos Ghosn (CEO). He successfully implemented a restructuring process and turn Nissan (once failing) around to Nissan today. I would consider buying Nissan because of him. He is doing the best job no Japanese could have done it.

1 ( +1 / -0 )

we all shoud respect another culture, not only because we are guests here, but also because Japan is (fortunately) not America, Europe or China. it has it's own mentality, culture and system. Olympus management made mistakes, ok, this people will pay for it, but your "Super-Hero" is responsible for many Olympus workers loosing their jobs because he went to the world media! have you ever thought about these people?

maitan -- Respecting a culture, and feeling you can't comment on something that breaks the laws of that same culture/society is a simply ludicrous. Does that mean people cannot comment about the years of willingly ignoring public safety concerns that led to the Fukushima disaster, because cheap energy was the "culture"? Besides, I do not feel the Japanese culture values deceit and law-breaking. You are twisting your definition of culture to meet your absurd argument. And, Woodward is not responsible for a single Olympus worker losing their job. Two decades plus of management willingly commiting fraud is, and it came back to haunt them, as it always does. And, in case you have missed it, this culture you so blindly defend, has put Japan in a very vulnerable position in the global economy of the 21st century and is causing it to decline -- rapidly.

2 ( +4 / -2 )

In it for the money? lol

If he hadn't snatched at the very first out of court settlement offered to him, then he could have dragged Olympus into court and he would have been able to speak his mind about the corruption there and the media would have had a field day. The case was already settled and Olympus were bang to rights even before the barristers turned up for work. But oh no, smell that 10 million pound cheque and Woodford made his nice out of court agreement "pc" statement about the company. So yes as I said before, in it for the money.

-3 ( +0 / -3 )

Your response is as absurd as your original post. He did "crusade against corruption" and it cost him his job, and possibly his future career. The fact that his only option to was to sue the bunch of crooks was brought on by them, not him.

My friend, he had another huge option open to him. He could have gone into court (where he would have walked the case) where he would have been able to preach about corruption at Olympus. But he didn't did he. He took the easy payoff from Olympus. The truth came out with the washing.

-3 ( +0 / -3 )

My friend, he had another huge option open to him. He could have gone into court (where he would have walked the case) where he would have been able to preach about corruption at Olympus. But he didn't did he. He took the easy payoff from Olympus. The truth came out with the washing

Tigers, first off, I'm not your friend, so don't patranize me. Second, what possible good would it have done for him to "preach about corruption at Olympus"? For one thing, it would have gotten no coverage in Japan, so would have done no good in trying to correct the problems of governance there. Also, he has already provided authorities with all the evidence they need, and they have brought charges accordingly. Plus even Olympus' own investigation has stated that they broke the law. Finally, he might just actually have done it to spare the company any more negative publicity, and let it get past this incident so it can move forward. But that wouldn't fit your simplisitic/biased argument that as a gaijin he was just in it for the money. But you are right about one thing, the truth did come out with the washing, and now the crooks who tried to continue the cover-up are facing criminal charges.

0 ( +2 / -2 )

Soory, typo "patronize".

-1 ( +0 / -1 )

So yes as I said before, in it for the money.

@Tigers, There are enough evidences showing he was wrongfully discharged (bilateral contract was breached). Based on the contract , there is a remedy under the law.There is nothing wrong with that, and the justice has been served.

2 ( +2 / -0 )

But he didn't did he. He took the easy payoff from Olympus. The truth came out with the washing.

Mr. Woodford probably has better things to do while Olympus wanted to get it settled. That is good for both sides.

1 ( +1 / -0 )

This is not the end of the saga. Woodford took this case to an Employment Tribunal where the burden of proof is Civil Law ( balance of probabilities) to gain some redress from Olympus. The SFO and FBI are still investigating the original case regarding payments to "advisors" with regard to a breach of UK or US criminal law.

0 ( +0 / -0 )

The SFO and FBI are still investigating the original case regarding payments to "advisors" with regard to a breach of UK or US criminal law.

@Hategobo,

Thanks for the info. Does it mean his settlement is still pending? I need a clarification on this. Thanks.

0 ( +0 / -0 )

@ globalwatcher This was Woodford v Olympus,his settlement at the Employment Tribunal was for a breach of UK employment laws. Awards at an ET are unlimited, hence Olympus wanting to settle out of court. That case is over and his settlement is his to keep. Any future case brought by the SFO will be a criminal case regarding the original falsification of accounts and payments to "advisors" connected with the purchase of UK - based company Gyrus in 2008.Thes payments apparently passed through Olympus UK.

0 ( +0 / -0 )

@Hategobo, I understood. No further questions from me. Thank you.

0 ( +0 / -0 )

Many Olympus employees will know be axed to pay for the payout

-2 ( +0 / -2 )

Wood ford did his job, and was axed for doing his job. Thats wrong. You can't blame Woodford if others in the company lose their jobs. You have to blame the execs who allowed the to corruption go unchecked and then tried to cover it up by firing Woodford. It is their fault that now they have to pay all this money. If you try to make Woodford the bad guy in this situation then you are basically saying that its better to let corruption continue rather than fight for your belief. Woodford defended himself. If the board had just accepted what he said and tried to fix the problems instead of firing him then we would not be talking about this right now.

Any employee that loses their job because of this situation should be able to also sue Olympus. Because point blank and simple they lost their job because of the scandal. If Woodford was japanese he may have just accepted the sacking ( and this is fact that in japan employees generally dont fight back when wronged ). So it was the execs' mistake to assume that that type of action would work. That Woodford would just disappear without a fight. There probably 100 employees that knew about this corruption but did nothing. Also, still now, many are doing nothing. So many of the employees could be suing the company and getting paid just like Woodford. Many workers in japan just getting bullied on the job and think that its part of the job. Woodford, kind of shed some light on the fact that it is not part of the job. So many in japan do feel that he is a hero.

In addition,

The Tokyo-based company has acknowledged it hid 117.7 billion yen in investment losses dating back to the 1990s.

That 117.7bil is what will get people axed, not the chump-change payout they have to give Woodford. I mean many big companies have a budget for lawsuits like this.

1 ( +1 / -0 )

He was illegally fired for whistle blowing. So he deserve the little settlement amount for his loyalty to the company. So what's the fuzz people. I am sure most of you here will do the same if illegally fired for being honest.

0 ( +0 / -0 )

Geez, what a windfall for Woodford. Yes, he should get a little reparation for being fired illegally, but this is ridiculous, especially for a company that is not making any money. I think he should donate half to the victims in Tohoko, I am sure they could use it alot more than this guy.

-2 ( +0 / -2 )

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