Olympus submits revised earnings reports

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• published: 30 Jul 2015
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1. Mid of Michael Woodford, former Olympus CEO, arriving at live webcast studio 2. Close of monitor showing web-cast 3. Wide of live web-cast 4. SOUNDBITE (English) Michael Woodford, former Olympus CEO: "I still am willing to meet, 24 hours a day, wherever he wants, if he wants to meet to try to solve this in a constructive and non-combative way, then I'm more than willing, I hold my hand out. Of course he has to leave, because of what he failed to do, what he failed do and the other board members. But it would be a positive way. So I still remain hopeful that he will do this. However, if he doesn't, then I will fight for this company. Then it will be the time to fight. I hope we can avoid it, but if necessary I'm prepared." 5. Cutaway of monitor and cameramen 6. SOUNDBITE (English) Michael Woodford, former Olympus CEO: "Mr. Takayama, I would work with him for a period of time to form a new slate of directors, after which point there should be an EGM and he should resign with the existing board members. Then we can start really building and healing the company." 7. Wide of live web-cast STORYLINE: Olympus Corporation submitted revised earnings reports on Wednesday, meeting a deadline to avoid being removed from the Tokyo Stock Exchange. Although it still risks getting de-listed because of an accounting scandal. The piles of documents for the reports dating back five years were accepted by financial regulators three hours before the deadline expired. The Tokyo exchange has the final say in deciding whether to boot out the once prestigious Japanese camera and medical equipment maker, and is still investigating the company's dubious accounting. The deception at Olympus, dating back to the 1990s, to hide 117.7 (b) billion yen (1.5 (b) billion US dollars) in investment losses came to light when former President and Chief Executive Michael Woodford blew the whistle, questioning expensive acquisitions and exorbitant fees for financial advice. Woodford, a 51-year-old Briton was fired in October after confronting Olympus directors. It is rare for a foreigner to lead a major Japanese company. He returned to Japan this week to meet with investors and lawmakers and to try to lead a turnaround at Olympus. Last month, he was in Japan to meet police and other investigators. Ahead of a news conference by Olympus scheduled for Thursday, Michael Woodford answered questions from the public, some of whom claim to be Olympus employees, through a live web-cast late on Wednesday. During the web-cast, Woodford said he is willing to meet the current President Shuichi Takayama, but said he is also ready to "fight for this company." "I still am willing to meet, 24 hours a day, wherever he wants, if he wants to meet to try to solve this in a constructive and non-combative way, then I'm more than willing, I hold my hand out. Of course he has to leave, because of what he failed to do, what he failed do and the other board members," said Woodford. "However, if he doesn't, then I will fight for this company. Then it will be the time to fight. I hope we can avoid it, but if necessary I'm prepared." Asked by a viewer if he would be willing to work with the current management, Woodford said, "Mr Takayama, I would work with him for a period of time to form a new slate of directors, after which point there should be an EGM and he should resign with the existing board members. Then we can start really building and healing the company." Woodford has said he wants to fix Olympus and has expressed hopes shareholders will back him. Woodford has also repeatedly said that he hopes Olympus will not be de-listed. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/4f6b1162f5fff1fd73688f8cf7ed719a Find out more about AP Archive: http://www.aparchive.com/HowWeWork