The amount of money involved at Fuji Xerox is much smaller than at Toshiba, N.Y. Times reports.
Fuji Xerox, the Japan -based joint venture between Xerox and Fujifilm Holdings, said on Monday that its chairman and three other executives were stepping down over accounting problems discovered at its operations in Australia and New Zealand.
Kenji Sukeno, president and chief operating officer of Fujifilm Holdings, which owns 75 percent of Fuji Xerox, bowed and apologized at a news conference along with other Fujifilm executives.
“We will strengthen corporate governance at Fuji Xerox, ” Mr. Sukeno said.
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Fujifilm had been investigating the way Fuji Xerox sales managers in New Zealand and Australia reported income from photocopier leases. A committee of lawyers and accounting specialists hired by the company concluded that the managers had overstated revenue by 37.5 billion yen, or about $340 million, in the five years through 2016, Fujifilm said on Monday.
The episode carries echoes of other recent accounting scandals that have embarrassed corporate Japan. Toshiba, the sprawling technology conglomerate, is struggling to hold itself together after a series of multibillion-dollar reporting discrepancies and write-downs linked to its United States nuclear power business.
