Olympus yesterday named the members of the six-strong independent committee set up to scrutinise a series of controversial deals, but still faced criticism from one major investor and the former chief executive.
The camera and precision equipment maker last month pledged to draw up a third party committee as a scandal threatened to engulf the company. The case even prompted the Japanese Prime Minister to call on the company for clarity earlier this week.
In a statement released yesterday, Olympus said the third party committee consisted of five lawyers and one accountant. All are Japanese and hold "no interests with the company".
It has not bowed to calls from its ousted chief executive Michael Woodford to appoint a non-Japanese member to the committee to represent overseas shareholders' interests.
Foreign investors hold about a third of the shares. He said yesterday: "One Westerner would have given the committee credibility. I'm extremely disappointed."