Fuji Xerox linked to New Zealand losses

Four Japanese executives including its chairman at Fuji Xerox headquarters have stepped down following an investigation into its New Zealand and Australian branch showing inappropriate practices in its accounting department.

The New York Times reported that over five years the combined Australian and New Zealand operations overstated revenue by $450m.

Fujifilm published the findings of its investigation conducted in late April reviewing the appropriateness of accounting practices at Fuji Xerox’s overseas subsidiaries.

The results of the investigation showed certain accounting practices were inappropriate at Fuji Xerox New Zealand as well as Fuji Xerox Australia and the committee pointed out inadequacy in Fuji Xerox’s corporate governance. 

[Related: Fuji Xerox NZ loses $260m]

In a statement Fujifilm says, ‘Fuji Xerox and its affiliates take the committee’s findings very seriously and is committed to resolving past issues and ensuring that there is no recurrence. To this end, Fuji Xerox will renew its management structure and discuss countermeasures to ensure the group to adhere to the highest standards of corporate governance. For Fuji Xerox and its affiliates, the top priority is on regaining trust from the stakeholders.’

The four directors stepping down are Tadahito Yamamoto, current chairman; Haruhiko Yoshida, corporate vice president; Katsuhiko Yanagawa, deputy executive general manager and Jun Takagi, senior vice president.

Hiroshi Kurihara, president and representative director of Fuji Xerox says, “Fuji Xerox Group’s commitment to the Australian market remains strong.”

Fujifilm says while traditional print services remain at the core of what Fuji Xerox Australia customers seek, print devices are increasingly used as components within a broader context of the digitally transformed organisation. ‘With the backing of our shareholders, Fuji Xerox Australia recognises this as an area of significant opportunity and is investing substantially in skills and expertise to meet customer needs’.

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