"We didn't nag at Fuji Xerox very much, and that is something we now regret", Mr. Sukeno said at a news conference following the release of the company's delayed earnings for the business year ending March 31.
Fujifilm Holdings Corp. said Monday it incurred a cumulative loss of ¥37.5 billion from inappropriate accounting practices at overseas group units over the past few years.
He continued: "NZ First asked questions about Fuji Xerox last October". When the billings fell short of projections, managers in New Zealand and Australia reported inflated numbers in order to meet revenue targets, the committee of investigators found.
New Zealand First leader Winston Peters wants an investigation, and has raised the issue in parliament.
Fujifilm Holdings announced on Monday that Shigetaka Komori will replace Tadahito Yamamoto as chairman of its unit Fuji Xerox.
At the same time, Fujifilm set up an investigative committee comprised of lawyers and others to look into the accounting practices at Fuji Xerox, which it did in Japan and overseas from April 2010 until December 2016.
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It said a third-party investigation found financial incentives at Fuji Xerox New Zealand encouraged management and staff to book sales earlier than standard practice, artificially bumping up income.
Fuji Xerox Australia Pty Limited, an Australian sales subsidiary of Fuji Xerox, also conducted inappropriate accounting similar to that conducted by FXNZ.
They will leave their positions effective June 22, pending approval of their replacements at Fujifilm Holdings' annual shareholder meeting, Fujifilm said. In some instances there was no clear minimum usage requirement, leading to doubts about whether the fees would be sufficient for Fujifilm to recover costs, the company said. "Fuji Xerox NZ got taxpayer contracts by the buckets-load and officialdoms cover-up after cover-up".
"We showed too much respect for Fuji Xerox because it contributed to profits when Fujifilm was reforming itself after its film business peaked in 2000", said Sukeno. Hiroshi Kurihara, who became Fuji Xerox president in 2015, will remain in his post to ensure that a recurrence does not occur.
The Serious Fraud Office said in December it would not pursue an investigation into the company, but in April said it would consider any new information which might require further action.
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