Menu
Heads roll as Fuji Xerox accounting scandal spreads to Australia

Heads roll as Fuji Xerox accounting scandal spreads to Australia

Fuji Xerox chairman resigns along with three senior executives after a scandal down under.

Fuji Xerox may have to restate several years earnings as a result of an accounting scandal in its New Zealand and Australian subsidiaries

Fuji Xerox may have to restate several years earnings as a result of an accounting scandal in its New Zealand and Australian subsidiaries

Inappropriate accounting practices by Fuji Xerox in Australia and New Zealand have resulted in a $472 million loss and a series of top-level executive and board resignations.

Fuji Xerox parent Fujifilm Holdings told the Tokyo Stock Exchange a loss of NZ$284 million as a result of improper accounting in New Zealand has blown out to NZ$472 million after inappropriate practices were uncovered in Australia as well.

Problems have also been revealed closer to home in Japan, forcing the company to postpone the release of its annual results. It is also expected to revise past reported earnings.

Fujifilm revealed yesterday a report from an independent committee investigating irregularities related to the overstatement of revenue from photocopier leases at Fiji Xerox NZ had found Fuji Xerox Australia conducted similar practices. 

The accumulated impact for the past few years has become a loss of 37.5 billion yen (NZ$472 million) up from a previously disclosed 22 billion yen ($284 million).

“The company expresses its deepest regrets to its shareholders, investors and other related parties for any inconvenience and concerns caused," it said.

Three executives and Fuji Xerox chairman Tadahito Yamamoto said they would resign while others will suffer a cut in pay.

Deputy president Huruhiko Yoshida and two directors, Katsuhiko Yanagawa and Jun Takagi, are also exiting. Two new corporate auditors have also been appointed.

New Zealand's National Business Review first reported the emerging scandal last September, questioning a $51 million loss reported by the local subsidiary after years of bumper results. Two local senior executives had earlier departed from the company.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Events

EDGE 2024

Register your interest now for EDGE 2024!

Featured

Slideshows

How MSPs can capitalise on integrating AI into existing services

How MSPs can capitalise on integrating AI into existing services

​Given the pace of change, scale of digitalisation and evolution of generative AI, partners must get ahead of the trends to capture the best use of innovative AI solutions to develop new service opportunities. For MSPs, integrating AI capabilities into existing service portfolios can unlock enhancements in key areas including managed hosting, cloud computing and data centre management. This exclusive Reseller News roundtable in association with rhipe, a Crayon company and VMware, focused on how partners can integrate generative AI solutions into existing service offerings and unlocking new revenue streams.

How MSPs can capitalise on integrating AI into existing services
Access4 holds inaugural A/NZ Annual Conference

Access4 holds inaugural A/NZ Annual Conference

​Access4 held its inaugural Annual Conference in Port Douglass, Queensland, for Australia and New Zealand from 9-11 October, hosting partners from across the region with presentations on Access4 product updates, its 2023 Partner of the Year awards and more.

Access4 holds inaugural A/NZ Annual Conference
Show Comments