Ex-Olympus chief lauds ‘brilliant’ ARM buyer

Michael Woodford, the chief executive of Japanese cameras giant Olympus who was fired after exposing a massive fraud at the business, has declared SoftBank’s bid for ARM should be welcomed.

Woodford, now an adviser to western investors on Japan, said: “SoftBank is the one Japanese company I have most respect for."

“It is entrepreneurial and run by a brilliant businessman in Masayoshi Son. He’s a Korean and is not part of that Japanese business establishment.”

His comments come after the firm yesterday unveiled plans for a £24.3 billion takeover of ARM in the biggest-ever European tech deal.

Woodford has been vocal in criticising the close relationship between top bankers and corporate executives in Japan, which he partly blames for the country’s sickly economic situation.

“SoftBank is one of the examples I always give of what Japanese firms should be like. It isn’t one of the institutional monoliths of the Nikkei,” he added. “For ARM, it should be a good owner, hopefully with a long-term view.”