Risk managers should be “very, very concerned” about influx of Asian capital, warns Michael Woodford

Michael Woodford, the final keynote speaker at the annual conference, warned members to be “very, very worried” about the prospect of Asian capital taking hold of European companies. The whistle blower, who lost his job as President of Olympus when he exposed a $2 billion fraud, was answering a question from the floor after describing his experiences at the Japanese company.

He said business people in Japan continued to be dominated by the culture of “blind allegiance” to their employers that led to his dismissal. He believed that this attitude was probably even more pronounced in China.

Woodford was named businessman of the year by four publications, including the Financial Times and Sunday Times, after taking his stance. He said that the European media provided whistle blowers with some measure of protection, being more willing to criticise business malpractice than its Asian counterparts.  

Michael Woodford
Former president and CEO of Olympus Corporation