Last Friday, Olympus announced that it had fired its newly-appointed president and CEO Michael C. Woodford. While the camera maker's board cited Woodford's stule of leadership has the reason for his dismissal, Woodford has now hit back, raising questions over suspicious payments made by the firm in recent years.

According to Woodford, Olympus paid £436m in fees to financial advisers after it acquired the British medical equipment firm. Woodford adds that he was advised by the accounting firm PriceWaterhouse Cooper that such a fee didn't usually exceed one or 2% of the final transaction price, which in this case would have amounted to a maximum of £25m.

Up until today, Olympus' board had denied Woodford's allegations. However, the firm has now released a statement to the Tokyo Stock Exchange confirming the unusually high payment.

Olympus' share price has lost more than 40% of its value since Woodford dismissal. It is now trading at $18.8 compared to $32.10 on 13 October.

Woodford has now brought his evidence, which is comprised of the PriceWaterhouse Cooper's report as well as his emails with Olympus' board, to the UK's Serious Fraud Office. Speaking to the BBC, he said that he was ready to go back to Olympus: "If I did go back, and there was a new board, this really could be a new beginning for the company."

Olympus first appointed Woodford to the position of president and executive office in February, after the British national was commended for his work integrating Olympus' European businesses.

At the time, Tsuyoshi Kikukawa, Olympus' director and chairman, praised Woodford's strategy to push "forward reforms in business structure and processes, always with a global perspective." He added: "I firmly believe that his experience and knowledge, as well as his strong leadership, will be vital for our corporation in advancing to the next stage of globalization."