Woodford opposes partnerships at scandal-hit Olympus

Michael Woodford, the former boss of scandal-battered Olympus, said he is opposed to business partnerships as a way to shore up a gaping hole in the company's balance sheet caused by the huge losses it hid for years.

Woodford, who blew the whistle which led to the losses being discovered, was responding to current president's Shuichi Takayama's view that business tie-ups are an option.

Instead, Woodford said he had better ways to get capital for Olympus, and promised not to break it up or seek a partner, which, he added, "would in the end mean the loss of our independence".

The former president and chief executive, who is visiting Japan this week to drum up support for his reinstatement, said he has spoken with private equity firms and investment banks about recapitalising the camera and medical equipment maker.

The deception at Olympus, dating back to the 1990s, to hide 117.7 billion yen (£973.7 million) in investment losses came to light when Woodford blew the whistle two months ago.