After a five-year legal saga over auditing negligence allegations, Fuji Xerox New Zealand and its former auditor, Ernst & Young (EY), have settled out of court in a confidential deal.
The document-related products company said in a statement, that the legal proceedings against three former executives – Neil Whittaker, Mark Allright and Gavin Pollard, and its former auditor, EY – had been settled by agreement on “confidential terms”.
Fujifilm first undertook investigation proceedings in 2017 after an NBR investigation alleged fraud at the photocopying firm, where an independent report revealed $355 million of "inappropriate accounting" in operations in NZ and Australia between 2011 and 2016.
Five years on, Fuji Xerox, which was renamed Fujifilm Business Innovation NZ (FBNZ) in April last year, had its case heard in July.
In last month’s case judgment, Fuji claimed the three named executives were responsible for inappropriate accounting categorisation of revenue as being from finance instead of operating leases.
Fuji said in its statement today the payments were to be made by the defendants, and the three former executives had provided apologies.
BusinessDesk asked Fuji when the payments would be made by the defendants, but the company declined to comment.
FBNZ said it was “satisfied” with the outcome and was now looking toward the future.
