Olympus Future Unsure After Corporate Scandal

The former Chief Executive of Olympus has called on the board of the company to resign.

It follows revelations from the Japanese technology giant that investment losses were covered up for decades.

Speaking to Sky's Jeff Randall Michael Woodford said: "What you need now is stability, you need confidence and the whole board is contaminated.

"Non of them have acted, non of them stood up.

"So they all knew that this payment can not be legitimate and to argue otherwise is insulting."

Michael Woodford raised concerns last month about the £1.4bn purchase of the UK medical supplier Gyrus in 2008 and the £427m paid in associated fees.

He was dismissed from his post on October 14.

A six-member independent panel probing possible accounting fraud on corporate deals at Olympus are now considering whether to recommend criminal charges against the firm and individuals.

Shares lost 29% as markets closed in Asia to a 16-year low, raising suggestions the company may need to delist from the Tokyo stock exchange.

Its largest overseas shareholder, Southeastern Asset Management, has also called for the resignation of executives and for the board to schedule an emergency shareholder meeting.

Olympus admitted acquisitions in 2007 and 2008 had been used to hide losses on investments dating back to the 90s, after weeks of pressure to explain a series of baffling transactions.

It is understood that Britain's Serious Fraud Office and the US Federal Bureau of Investigation have been handed documents relating to the case.

Former Olympus president Tsuyoshi Kikukawa is now being blamed by the firm, along with current vice president Hisashi Mori and internal auditor Hideo Yamada.

Mr Kikukawa stepped down on October 26.

Shares in the camera manufacturer have slumped 70% since the scandal erupted, wiping £3.7bn off its market value.

It is currently the global market leader in endoscopes, the tiny cameras used in medical screening, although the scandal has put the firm's future in doubt.

The independent panel will report its findings by early December.