Michael Woodford
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Olympus proposes new board after fraud scandal

27 February 2012 Last updated at 15:41 GMT

The Japanese camera-maker Olympus has proposed a new board as it tries to recover from an accounting fraud.

The company has nominated current Olympus executive, Hiroyuki Sasa, to be its new president, with former banker Yasuyuki Kimoto as chairman.

Mr Kimoto was previously at Sumitomo Mitsui bank, Olympus' main lender.

Former chairman Tsuyoshi Kikukawa and two other former executives were arrested earlier this month.

The scandal came to light when the then Olympus chief executive Michael Woodford went public with concerns over huge payments the company had made.

He told the BBC that it was concerning that the new chairman was from one of Japan's largest banks, because "it is not the outcome most overseas investors wanted".