Whistleblower may return as entire board quits at Olympus

Olympus President Shuichi Takayama bowed deeply in apology at a Tokyo hotel today and said that the whistle-blowing former chief executive Michael Woodford could be invited back.

Takayama vowed to pursue executives involved in a scheme to hide $1.5 billion (£960.8 million) of investment losses. One director resigned today and the rest of the board said it would quit by February.

Takayama said a decision on whether Woodford will return as head of the company will be decided at a shareholders' meeting, which will be held after the company releases its revised profits. But he did not give a date for the meeting.

"We do give some positive assessment to his action," he said.

Woodford has said he would like to see Olympus come clean, with him at the helm.

The camera and medical equipment maker said it will investigate some 70 people, including former and current board members, auditors and other officials for their possible involvement in the deception that has become one of Japan's biggest corporate scandals.