Three Olympus executives quit

Three executives of Japan's Olympus Corp resigned on Thursday ahead of a boardroom showdown with ousted CEO Michael Woodford, as the British whistleblower said he would not be surprised if "some criminality" were involved in the scandal engulfing the once-venerable firm.
The camera and endoscope maker admitted this month it hid losses on securities investments for two decades, blaming former president and chairman Tsuyoshi Kikukawa, former vice-president Hisashi Mori and internal auditor Hideo Yamada for the cover-up. But where the money trail leads remains a mystery, and speculation simmers that organised crime syndicates may somehow be involved.
Kikukawa, who quit as president and chairman on October 26, and Mori, who was fired, had tendered their resignations from the board with immediate effect, as had Yamada, who could attend board meetings but not vote, Olympus said in a statement. And new President Shuichi Takayama said in a separate statement the current management team was ready to quit once "the path to Olympus' revival became clear."
Woodford, 51, who earlier met with Japanese police, prosecutors and regulators in Tokyo, expressed confidence that the authorities would fully investigate the scandal. "The talks (with authorities) have passed all my expectations ... and it's very evident to me they are going to investigate this whole issue without bias and thoroughly, and that will include following the money flows in relation to all the transactions," he told reporters.
"I'm immensely encouraged. I've been treated with great courtesy and I'm much more confident than I thought I would be with what I've been told." Woodford returned to the Japanese capital on Wednesday for the first time since he fled the country after being fired as CEO on October 14, having lifted the lid on some large and dubious payments related to acquisitions by the company. On Friday, he will attend a board meeting.
"I want to take the opportunity to look the directors in the eye and tell them what I think is best for the company," he said. "I just hope they understand the game is up and do the decent thing, stop damaging the company. Don't look for self-interest, look for the 45,000 people. "Have some shame, have some dignity, that's what I want to tell them." Woodford later welcomed the resignations of Kikukawa and the other two executives, but told an audience of business people that the entire current board should resign. Olympus fired Woodford as CEO, asserting he did not understand Japanese culture or the firm's management style.