Fuji Xerox New Zealand has released a statement vowing to put matters to rights after a damning report from Japan's Fujifilm revealed 'inappropriate accounting' by operations in this country and Australia amounting to roughly $355 million.
"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," the New Zealand business said in a statement just issued.
NZ First Leader Winston Peters criticised the situation, saying it makes New Zealand look bad internationally.
Fuji Xerox in New Zealand said it had support from Japan.
"Fuji Xerox (Japan) will renew its management structure and discuss counter measures 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," said the statement issued by a New Zealand spokesman for the company.
The statement follows the Japanese report which found 'inappropriate accounting' at Fuji Xerox here and in Australia costing 28.1b yen (NZ$355m) in total. That was the impact on Fujifilm sharehoders' equity during the past six years, that report said.
Fuji Xerox NZ was reacting to the report from Fujifilm Holdings' independent investigation committee which put the impact of New Zealand issues on shareholder equity at 18.5b yen and in Australia at 9.6b yen.
"Fujifilm Holdings Corporation, the parent of Fuji Xerox Co., Ltd., today announced the finding of an independent investigation committee established in late April to review the appropriateness of accounting practices at Fuji Xerox's overseas subsidiaries," the New Zealand arm's statement said.
"The results of the investigation showed that certain accounting practices were inappropriate at Fuji Xerox New Zealand Ltd. as well as Fuji Xerox Australia Pty. Ltd," said the statement issued from Auckland.
"With continued strong shareholder support from the ultimate parent, Fujifilm Holdings, and the intermediate owner, Fuji Xerox Asia Pacific Pte Ltd, customers in New Zealand can be confident that Fuji Xerox New Zealand will continue to lead the market in the delivery of print, document management and business optimisation solutions."
Hiroshi Kurihara, president and representative director of Fuji Xerox Co., Ltd., said: "Fuji Xerox Group's commitment to the NZ market remains strong."