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Slideshow: Bachmann bows out Follow Reuters Facebook Twitter RSS YouTube Read Screws tighten on Iran as big buyers shun its oil 05 Jan 2012 Analysis: Will Panetta stave off deeper cuts to military? 05 Jan 2012 Kanye West floods Twitter with "train of thoughts" 05 Jan 2012 BMW tops Mercedes for U.S. luxury car sales crown 05 Jan 2012 Romney tax plan would balloon U.S. deficit: report 05 Jan 2012 Discussed 145 Obama to help unveil ”realistic” military plan 132 Iran threatens action if U.S. carrier returns: IRNA 82 With 48 hours left, Romney eyes Iowa breakthrough Watched World's first chimeric monkeys are born Thu, Jan 5 2012 Anti-malaria drug produced from tobacco plants Wed, Jan 4 2012 iPhone look-alike flies off shelves in China Tue, Jan 3 2012 Woodford to sue Olympus for unfair dismissal Tweet Share this Email Print Related News Woodford ends battle to return as Olympus CEO Thu, Jan 5 2012 Fujifilm: too early to say if it will invest in Olympus Mon, Dec 26 2011 Olympus offices, homes raided in accounting scandal Wed, Dec 21 2011 Prosecutors to raid Olympus on Wednesday: media Tue, Dec 20 2011 UPDATE 4-Olympus aims to tap Sony, others for $1.3 bln in new capital - Nikkei Tue, Dec 20 2011 Analysis & Opinion Tech wrap: Nook too costly for Barnes & Noble? U.S. protests won’t stop Japan’s yen meddling Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Former Olympus CEO Michael Woodford holds a briefing for reporters ahead of a news conference in Tokyo January 6, 2012. Credit: Reuters/Issei Kato By Tim Kelly TOKYO | Fri Jan 6, 2012 1:15am EST TOKYO (Reuters) - The ousted British CEO of Olympus Corp, who blew the whistle on a $1.7 billion accounting fraud, dropped his bid to return to the medical device maker, blaming cozy ties between its scandal-tainted management and big Japanese shareholders and saying the saga had taken its toll on his family. Michael Woodford's campaign against its management rocked the once-proud maker of endoscopes and cameras, but failed to win over Japanese institutional shareholders including Olympus' main lenders, who support a board that has been castigated for insufficient oversight. "Despite my having done the right thing, none of the major Japanese institutional shareholders have offered one word of support to me," Woodford said in a statement. The decision by Woodford, who was fired in October after just two weeks as chief executive, leaves foreign shareholders who want a new slate of directors, including U.S. fund manager Southeastern Asset Management, without a champion to lead any proxy battle when the company convenes an extraordinary shareholders meeting as early as March. Woodford told a group of journalists on Friday that he would sue Olympus for unfair dismissal and had instructed his lawyers to begin legal action in Britain. Olympus said in October it was sacking Woodford because he had failed to understand the company's management style and Japanese culture. "There are no grounds whatsoever for dismissal," Woodford said. He began a news conference at 3 p.m. JST (0600 GMT). Woodford, who fled to England after his sacking citing unspecified safety concerns, said the trauma suffered by his wife after he went public with his campaign played a major part in his decision to drop his bid to return to Olympus. "It's been a frightening period for my wife. I cannot put her through any more anguish," he said in his statement explaining why he was abandoning his battle to be reinstated. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphic: Woodford and Olympus r.reuters.com/bem85s Graphic: Revised earnings: r.reuters.com/pyt55s SPECIAL REPORTS: Masterminds of the cover-up: r.reuters.com/gag65s Ex-CEO Woodford: r.reuters.com/fem74s ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Olympus is being investigated by Japanese police, prosecutors and regulators and U.S. and British authorities over the scandal, in which the firm used dodgy M&A deals to hide investment losses stretching back over two decades. Woodford also said on Friday he would give an interview next week at the UK Serious Fraud Office. LAX GOVERNANCE The scandal at the 92-year-old firm revived concerns about lax corporate governance at Japanese companies generally and sparked speculation that organized crime syndicates were involved in the cover-up. An external panel appointed by Olympus to investigate the scandal in December issued a scathing rebuke of core management but said it found no evidence that gangsters were involved. The company's main lender and major shareholder Sumitomo Mitsui Financial Group (SMFG) is backing existing management led by CEO Shuichi Takayama, which is seeking a capital tie-up with a rival firm to bolster Olympus' finances. Olympus' net assets are dangerously thin after it corrected its accounts to include the effects of the 13-year accounting fraud. Shareholder equity was just 42.9 billion yen ($556 million) at end-September, or 4.5 percent of total assets - less than a quarter of what is seen as a healthy cut-off. A 20 percent proportion of equity would imply that it needs to raise about 150 billion yen in fresh equity. Japanese media have reported that Sony, Fujifilm Holdings and Panasonic Corp are among those that may ride to the rescue of Olympus. Japan's big banks such as SMFG and Mitsubishi UFJ Financial Group are often cornerstone investors in Japanese blue chips, with major equity and debt holdings. That puts them in a powerful position to influence board decisions. In a sign that lenders are in the driving seat at Olympus, the company appointed industrialist Shiro Hiruta, with connections to Olympus' biggest lender SMFG, as the head of an outside panel to advise the firm on a management shake-up. SMFG, which declined a request from Woodford for a meeting, holds a 3.4 percent equity stake in Olympus as well as 227.5 billion yen ($2.95 billion) in outstanding loans and bonds, according to company data and sources. Woodford told reporters he thought he could have won a proxy fight, but, in a reference to the lack of support from Olympus' main bank, added: "If I won, what was I coming back to?" "WEIGHT OFF MY SHOULDERS" He took aim at Japan's system of cross-shareholdings in which investors hold shares to cement business ties. "The cross-shareholding system in Japan, while clearly serving the country well in the years following the Second World War, is in today's world harmful," he said. "Such a compliant approach removes one of the essential safeguards in relation to governance and also allows the boards of companies which are underperforming to remain in office." Nippon Life Insurance Co, one of the firm's biggest shareholders, said it had no comment. Woodford, who had described his experience after blowing the whistle at Olympus as resembling a John Grisham thriller novel, said he was discussing a book deal of his own. "I am very motivated to keep preaching the word about how it happened and why it happened," he said, adding his decision to give up on a proxy fight was "a huge weight off my shoulders." Olympus shares closed 2.1 percent higher at 1,053 yen. The shares have lost about 60 percent of their value since the onset of the scandal, although they have stabilized as the market gained confidence that the company could avoid a humiliating delisting of its shares that would effectively cut it off from the equity market. "From a general perspective, I'd say Woodford's move to end his campaign was expected. Investors that were buying Olympus shares hoping for his return are disappointed and dumping the stock," said Masayoshi Okamoto, head of dealing at Jujiya Securities. "But there are many other perspectives on Olympus and why it is still trading at this level. There are obviously many investors that think that even without Woodford, the company has such a strong market share (in endoscopes) that it has value as a possible for TOB (potential acquisition target)," he added. ($1 = 77.1100 Japanese yen) (Additional reporting by Mari Saito; Editing by Edmund Klamann, Linda Sieg and Ian Geoghegan) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) Batavier wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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