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4-Traders Homepage  >  Equities  >  Tokyo  >  FUJIFILM Holdings Corp    4901   JP3814000000

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FUJIFILM : Accounting firm suspected fraud at Fuji Xerox NZ

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06/26/2017 | 06:51pm CEST

An unnamed accounting firm associated with Fuji Xerox NZ suspected fraud had occurred and planned on investigating the company, according to a new report.

The report from an independent investigation committee set up by Japanese giant Fujifilm Holdings highlights new information after it was revealed earlier this month subsidiary Fuji Xerox NZ (FXNZ) had “inappropriate accounting”.

The new report said an accounting firm gave the company notice that “it had reason to suspect fraud had occurred at FXNZ, and that it would be sending official notice on March 20 to FXNZ of its intent to conduct an investigation”.

A separate report by Fujifilm Holdings, released this month, revealed FXNZ conducted some “inappropriate accounting from FY ended March 2011 to FY ended March 2016”.

The new report, only recently translated into English, lays the blame at a culture of “sales at any cost”.

A segment of the new report shows a company catchphrase was “Mo iccho yaruzo!!” which had a double meaning of “achieve one trillion yen” and “do one more time” in relation to returning the company to ¥1 trillion sales volume.

“It is not difficult to imagine that FX headquarters was placing considerably strong expectations on the officers in charge ... strong expectations from management frequently become strong pressure on subordinates,” the new report said.

It also stated it was difficult for Japanese companies to manage overseas subsidiaries, “particularly those in Commonwealth nations in the Oceania region”.

In a statement released last night FXNZ acknowledged the report but said the latest findings were “historical” and did not “reflect current business practices”.

“Over the last 12 months Fuji Xerox New Zealand has implemented a robust corporate governance structure to support sustainable and responsible operations,” FXNZ said.

“The findings of the report will not negatively affect the level of service offered to customers nor will it impact the company’s ability to fulfil its contractual obligations under existing agreements,” FXNZ said.

Hiroshi Kurihara, president and representative director of Fuji Xerox said in the statement: “I can confirm that Fuji Xerox New Zealand had the support of the whole Fuji Xerox.”

— Staff reporter

Copyright © 2017 The New Zealand Herald. All rights reserved., source Newspaper

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Financials ( JPY)
Sales 2018 2 466 718 M
EBIT 2018 -
Net income 2018 126 205 M
Finance 2018 304 051 M
Yield 2018 1,88%
P/E ratio 2018 14,07
P/E ratio 2019 13,19
EV / Sales 2018 0,72x
EV / Sales 2019 0,68x
Capitalization 2 076 515 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 4 838  JPY
Spread / Average Target 20%
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NameTitle
Shigetaka Komori Chairman & Group Chief Executive Officer
Kenji Sukeno President, Group COO & Representative Director
Shigenobu Inenaga Head-Finance, Accounting & Business Administration
Yuzo Toda Director & Chief Technology Officer
Norio Shibata Director, Executive Officer & Head-IT Systems
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