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New Zealand ministry punishes Fuji Xerox unit over accounting practices
October 2, 2017 / 5:44 AM / 18 days ago

New Zealand ministry punishes Fuji Xerox unit over accounting practices

WELLINGTON (Reuters) - A New Zealand ministry said it had suspended its printing services contract with Fuji Xerox New Zealand and terminated an offices supplies contract after its review of an investigation into irregular accounting practices at the firm.

Fujifilm Holdings Corp (4901.T) said in June a third-party investigation found financial incentives at the unit encouraged management and staff to book sales earlier than standard practise, artificially bumping up income.

Under the suspension, Fuji Xerox New Zealand cannot enter into any new printing services contracts from government departments until certain conditions are fulfilled, the Ministry of Business, Innovation and Employment said in a statement. It did not disclose those conditions.

The moves follow a voluntary suspension from seeking new government contracts that the Fuji Xerox agreed to earlier this year.

Reporting by Ana Nicolaci da Costa; Editing by Edwina Gibbs

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