'Inappropriate accounting' at Fuji Xerox New Zealand and Australia have led to losses of $350m

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1 NEWS

Japanese tech giant Fujifilm Holdings today revealed that "inappropriate accounting" at Fuji Xerox New Zealand and Fuji Xerox Australia have led to losses of $350 million. 

An internal inquiry found 'inappropriate accounting' at Fuji Xerox New Zealand and Australia.
Source: 1 NEWS

The accounting "irregularaitires" were found after Fujifilm carried out an internal investigation into its New Zealand arm.

The Serious Fraud Office says it's looking at the matter, but no investigation has been launched. 

New Zealand First leader Winston Peters wants an investigation, and has raised the issue in parliament. 

The Government has a contract worth $55 million with Fuji Xerox New Zealand, for various products, such as photocopiers at government departments and schools. 

Economic Development Minister Simon Bridges is standing by the procurement. 

"If the facts change, we will change our position."

In a statement, Fuji Xerox New Zealand say it takes the latest findings very seriously and is committed to ensure there is no repeat and also said its commitment to the New Zealand market is strong. 

Four international Fuji Xerox bosses have resigned over the incident, including chairman Tadahito Yamamoto.

Fujifilm Holdings is also promising to continue its own investigation. 

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