The OEM said that it was “reviewing the accounting practices at Fuji Xerox New Zealand (FXNZ)”.
Stuff reported that the initial loss of NZ$285 million (US$36/€35 million) appears to have grown which is why the company’s head office is reviewing the accounts at FXNZ and have included the Australian business as well.
A notice has been filed with Tokyo Stock Exchange by Fujifilm Holdings and the report will be available Monday showing more losses.
The improper accounting was flagged up in April when The Recycler reported that the Serious Fraud Office are waiting for any “new information” concerning a subsidiary of Fuji Xerox that showed accounting “irregularities” that could cause NZ$285 million (US$200/€184 million) losses.
The OEM has been paid in excess of NZ$55 million (US$36/€35 million) for government contracts since 2012 and it is reported that it is the agency responsible for their procurement that is investigating the company.