23 Apr 2012

Olympus investors approve new board

8:41 am on 23 April 2012

The ousted former chief executive of Japanese camera maker Olympus has threatened legal action after shareholders approved a new board for the scandal-hit firm.

At a tense shareholder meeting in Tokyo, executives rebuffed Michael Woodford's demands to know why he was sacked six months ago, shortly before he exposed a $US1.6 billion cover-up scandal that saw huge losses removed from the firm's balance sheet.

The ABC reports that a proposal to reinstate Mr Woodford was later rejected.

After the meeting, Mr Woodford said he would take the matter to court to make the meeting illegitimate because they failed to answer the questions about Olympus' accounts.

He says a court hearing has already been scheduled in Britain for the first week of May.