Image caption Michael Woodford said the lawsuit was "an utter and complete vindication" for his stance

The former chief executive of Japanese camera firm Olympus has said the decision to sue current and former executives is "deeply inadequate".

Michael Woodford was fired as chief executive after he questioned dubious payments made by the firm.

Olympus is now suing 19 current and former executives after a $1.7bn (£1bn) accounting cover-up.

But Mr Woodford told the BBC a complete clearout of the current Olympus board was needed to regain credibility.

"If corporate governance is to mean anything in Japan, and for those who care about the future of Olympus, the only way forward is an entirely new board of directors, which are untainted by the past scandal," Mr Woodford he said.

'Vindication'

Mr Woodford had written sixBBC.

The case will focus on current and former board members, including ex-president Tsuyoshi Kikukawa, former vice president Hisashi Mori and auditor Hideo Yamada.

The current president Shuichi Takayama will step down this month for his involvement in the scandal, reported Kyodo News.

Olympus spokesman Satoshi Ikuta also confirmed that all board members subject to the lawsuit would be stepping down in March or April.

Takeover target?

At close of trade in Japan on Monday, shares in Olympus were up 19.94% to close at 1,263 yen.

Media playback is unsupported on your device Media caption Michael Woodford the ex-chief executive of Olympus has called for a new board of directors

Shares were boosted by talk of Olympus becoming a takeover target and a report that the company is now unlikely to be delisted.

"Having nobody at