New Zealand’s Serious Fraud Office (SFO) has called off an investigation into Fuji Xerox NZ after interviewing several senior printing industry figures.
Fraud squad officers began preliminary inquiries late last year following an exclusive report in the National Business Review (NBR) which included allegations the company had been overstating its revenue for many years, had over-estimated print volumes and had failed to inform customers of significant penalties for terminating contracts. NBR said several senior industry sources confirmed they had been contacted by the SFO.
NZ First party leader Winston Peters lodged several parliamentary questions about the matter to Economic Development Minister Steven Joyce, alleging serious concerns that "could involve corruption.” Joyce rejected the claims at the time and said Peters "completely misunderstands" the case.
The SRO has now confirmed that it has closed the case and will take no further action.
In a press statement, Fuji Xerox NZ welcomed the decision.
Fuji Xerox New Zealand welcomes confirmation from the SFO that it has closed its enquiry into affairs relating to the company and will take no action.
The SFO undertook an enquiry as a result of recent comments in the media. Fuji Xerox has cooperated fully with the SFO in relation to that enquiry.
Fuji Xerox New Zealand Managing Director Gavin Pollard said that the company was confident from the outset that there were no grounds for any action by the SFO and is pleased the matter is now closed.
“We cooperated fully with the SFO with its enquiries on a voluntary basis as we were eager to resolve this matter as quickly as possible. Fuji Xerox New Zealand has been in New Zealand for over 50 years and holds significant market share despite a very competitive landscape."
Fuji Xerox NZ reported a 25% drop in revenue for the year ending March 2016 and a pre-tax loss of $51 million.