Michael Woodford fired as Olympus CEO after he exposed a $ 1.7 billion cover-up . Woodford was appointed as first foreign CEO when a local magazine broke news . But almost a year after he was forced out of the company he had served since the 1980s , Woodford says no lessons have been learned from the scandal by corporate Japan . Olympus shares lost around 80 % of their market value in weeks after . The scandal has been dubbed the biggest financial crisis since 2008 and is still ongoing, with no end to it expected anytime soon. Case highlights the dysfunctionality of corporate Japan .
Michael Woodford fired as Olympus CEO after he exposed a $ 1.7 billion cover-up . Woodford was appointed as first foreign CEO when a local magazine broke news . Olympus shares lost around 80 % of their market value in weeks after . The scandal has been dubbed the biggest financial crisis since 2008 and is still ongoing, with no end to it expected anytime soon. Case highlights the dysfunctionality of corporate Japan .