Message to Stakeholders Regarding Inappropriate Accounting Practices at Fuji Xerox Overseas Affiliates
June 12, 2017
Today, FUJIFILM Holdings Corporation announced findings from the Independent Investigation Committee (hereafter, the Committee) that was established to review certain accounting practices related to Fuji Xerox’s overseas subsidiaries. FUJIFILM Holdings also announced today their financial results for fiscal year ending March 2017 which had been postponed.
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., and the Committee pointed out Fuji Xerox’s inadequacy in corporate governance.
Fuji Xerox expresses our deepest regrets to various stakeholders including our customers, partners and shareholders on this issue.
Fuji Xerox takes the Committee’s findings very seriously, and we have renewed our management structure. The new leadership team is fully committed to ensuring that there is no recurrence.
Please be assured that the new leadership team is fully committed on a new, strong path forward and our top priority is on regaining your trust in us. Our commitment to you in providing solutions and services to meet our customers’ business challenges and to contribute to society remain strong and unchanged.
Fuji Xerox Co., Ltd.