Fuji Xerox A/NZ Scandal: Tokyo Tightens The Reins
Japanese printing giant Fuji Xerox has named new board appointments to keep watch on its Australian and NZ operations, following the accounting scandal which saw previous management overstate revenue by no less than A$450 million.
Former CEO Neil Whittaker make a hurried departure after a whistleblower reported widespread booking of fictitious revenue, or booking of revenue inappropriately early, as well as claims of exorbitant salaries and huge expense claims.
The parent company will now appoint its own chairmen and directors to the Australian and NZ subsidiaries for the first time, according to an Australian Financial Review report.
Fuji Xerox president and chairman Hiroshi Kurihara, pictured,said Tokyo will be keeping a much closer eye on its Sydney and Wellington operations. Its accounting and audit operations will be merged with Fujifilm’s by September, and legal departments will also be integrated.
Four executives from Fuji Xerox’s Tokyo c-suite have been sacked for turning a blind eye to the A/NZ situation, including former chairman Tadahito Yamamoto.