Kiwis And Govt Fleeced In Massive Fuji Xerox NZ Racket

Schools, councils and the government have been fleeced by the $500m fraud at FujiXerox NZ – with the financial fallout on schools and ratepayers likely to be felt in coming months.

“It’s a massive fraud right up there with Equiticorp, Goldcorp, Securitibank, South Canterbury Finance and Bridgecorp,” says the Rt Hon Winston Peters, Leader of New Zealand First and Member of Parliament for Northland.

“This corporate fraud is unravelling at FujiXerox NZ, half a billion dollars’ worth, and this National Government does not bat even an eyelid.

New Zealand First calls for a public inquiry into accounting, audit and assurance standards, the Crown Agency, External Reporting Board, and the Serious Fraud Office.

Ministers Simon Bridges and Steven Joyce and Prime Minister Bill English clearly are happy to deal with crooks.  New Zealand First is not.

How could FujiXerox NZ win taxpayers’ business despite paying absolutely no tax? 

 How could a supposedly loss-making company afford to jet staff off to lush parties in New York, Aspen and Paris and put its managers into cars worth well over six-figures?  

How could anyone trust a former boss, “Mr A” in FujiFilms’ own Independent Investigation, who lauded “The Wolf of Wall Street” as a hero?

“FujiFilms just-released Independent Investigation report rips the scab off fraud rife at FujiXerox NZ.

“The government has been asked numerous questions on this and arrogantly attempts to swat it aside as though there is nothing to see here.  There is and the Japanese principals have identified almost $500 million of it.

“FujiFilms Investigation shows how a company can be stuffed up whilst those who do the stuffing, win.  “Mr A’s” departure coincides with that of FujiXerox’s former boss, Neil Whittaker, and on page 40 it says “Mr A” was paid over A$1m to go. Hush money.

“Insiders have come to New Zealand First to say it was the Wild West.  Sales staff wrote and approved their own contracts.  Print volumes, even from schools, were ‘hydraulicked’ to extort money from its own finance wing.  Copier sales staff became multimillionaire property developers.  The Lamborghini dealers smiled.  The Big Short had met the Wolves of Carlton Gore Road.

“FujiFilms has now appointed Meredith Connell, one of the Crown’s criminal litigators to act for it.

“If that’s not a clear sign of intent what is?

“The work done by FujiFilm and Deloitte to uncover the scale of this fraud, shows up National and its useless butt-protecting officials as the incompetents they are.

“Take the Serious Fraud Office.  Despite FujiXerox NZ behaving like a Kiwi Enron, the SFO gave it the all-clear just before Christmas.  Within a matter of a few months FujiFilms forensic accountants, Deloitte, had found the fraud the SFO could not.

“New Zealand First calls out FujiXerox’s NZ’s ex-auditors, EY or Ernst & Young as they used to be called.  Enron’s fraud brought down ArthurAndersen and FujiFilms has every right to go after EY.

“New Zealand First is also lodging a complaint with Chartered Accountants Australia New Zealand.

“Our economy absolutely depends on trust backed by robust audit, assurance and accounting.  Without that we lose trust and when we lose trust we lose everything. 

“This is history repeating itself and the public’s has had a gutsful of National’s rich corporate mates getting away with this sort of behaviour,” says Mr Peters.