Fuji Xerox's chairman resigns over 'improper accounting'
FujiXerox has apologised for what it calls “improper accounting” that saw its Australian and New Zealand operations book sales earlier than was usual, resulting in inflated sales figures. The company's apology says, after machine translation, that an independent committee has examined the books of the two subsidiaries and settled their accounts correctly. The result is a ¥37.5 billion (US$341m) adjustment to six years' net profits. The probe found that local management encouraged the practice.