Olympus blasts ex-CEO

Olympus Corp lashed out at its former chief executive officer for publicly questioning $687 million in advisory fees for a 2008 takeover, saying he used his position "to leak internal company secrets" and was "trying to ruin the credibility of Olympus." The Japanese camera maker also said it was "hard to forgive" Michael C. Woodford, whom it fired as CEO on October 14, and the company was "naturally considering legal action," according to a letter posted on its internal website yesterday, a copy of which was obtained by Bloomberg News. The statement came after Olympus employees received an e- mail saying Chairman Tsuyoshi Kikukawa would respond to allegations by Woodford, according to two people who declined to be named because they were not authorized to speak for the company. Olympus last week said it was forming an independent committee to investigate previous acquisitions after demands from Nippon Life Insurance Co., its largest shareholder, and Southeastern Asset Management Inc. to explain the fees paid in its $2 billion takeover of Gyrus Group Plc. "I am sure you all want to know more," the statement said. "I will continue to speak out. My next message will be about Gyrus."