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Former Olympus CEO confident truth will emerge about money scandal


08:23, November 25, 2011

TOKYO, Nov. 24 (Xinhua) -- Former Olympus Corp. CEO Michael Woodford on Thursday said that he believed authorities would uncover the truth about the firm's involvement in covering up massive investment losses dating back to the 1990s and that investigations by prosecutors, the police and the securities commission would be carried out objectively.

"It is very evident to me that they are going to investigate this whole issue without bias and thoroughly, including following the money flows in relation to all the transactions," Woodford told reporters after meeting with the Tokyo Metropolitan Police Department on Thursday.

Woodford was ousted as the company's president on Oct. 14 for going public about the optical and life sciences equipment maker's acquisition of British firm Gyrus Group Plc. and the inordinately high fees paid to little-known consultants based in the Cayman Islands.

The former Olympus chief subsequently fled to the United Kingdom on advice from a friend to ensure his security and Britain 's Serious Fraud Office and the Federal Bureau of Investigation are currently looking into the case. Both local and international media have reported that the disgraced firm has been in cahoots with well-know organized crime syndicates here.

Earlier on Thursday Woodford, on his first trip back to Japan since he was ousted, also met with the Tokyo District Public Prosecutors Office and the secretary-general of the Securities and Exchange Surveillance Commission -- Japan's financial market watchdog.

"I have several files I wish to give them," he told reporters outside the Ministry of Justice in Tokyo. "I want to provide information and have dialogue," Woodford said.

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