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Fuji Xerox Execs Stand Down As Oz Accounts Queried

The chairman of Fuji Xerox and three executives have stood down as reports spread of major accounting problems at the company’s Australian and NZ operations – but with ramifications now spreading to Japan.

Kenji Sukeno, chief operating officer of Fujifilm Holdings, which owns 75 percent of Fuji Xerox, bowed and apologised at a news conference, along with other Fujifilm executives, saying the company will strengthen its corporate governance.

Fujifilm had been investigating the way Fuji Xerox sales managers Down Under had reported income from photocopier leases. It reportedly found that revenue had been overstated between 2011 and 2016 by about A$450 million.

Fuji Xerox supplies colour printers, copiers, business consulting services, and copier and printer supplies.

Some irregularities were said to stem from leasing agreements the A/NZ subsidiaries made with office equipment customers, which saw them paying monthly “usage fees” rather than buying the gear. In some instances, there were doubts about whether the fees would be sufficient for Fujifilm to recover its costs, the company said.

Suggestions that there may be new scandals to come closer to home in Japan have seen Fujifilm postpone the release of its annual results. Observers say the company is likely to revise past reported earnings.

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