Olympus explains Bang’s firing

Japan’s Olympus confirmed in a release last Friday it has found Bang Il-seok, CEO of its Korean operation who was dismissed on May 5, violated the law while running the company. The official announcement came two days after unconfirmed reports of his sudden resignation on charges of embezzlement and doctoring the books.

“We decided to [fire him] after having a shareholders’ meeting on May 4, based on the judgment that granting a person who has engaged in unlawful conduct the responsibilities of a CEO is [inappropriate],” said the release.
It added that the probe into the former CEO is still under way.

However, Bang claims he was sacked based on groundless allegations and that the company is unfairly targeting him to retroactively justify its actions.