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☆ Fujitsu role in Britain's Post Office scandal could have severe reputational consequences, analysts say
▼ + stars: | 2024-01-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

(Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images) Tolga Akmen | Afp | Getty ImagesLONDON — Fujitsu 's role in the U.K. Post Office scandal, dubbed the "most widespread miscarriage of justice" in British history, has analysts wary of what the fallout could look like for the Japanese IT giant. Between 1999 and 2015, a fault with the company's Horizon computer software used by the Post Office, a state-owned private company employing thousands of people across the country, resulted in more than 700 sub-postmasters being subjected to false prosecutions. watch nowIn a statement Thursday, Fujitsu said it regards the matter with the "utmost seriousness and offers its deepest apologies to the sub-postmasters and their families." "Based on the findings of the Inquiry, we will also be working with the UK government on the appropriate actions, including contribution to compensation." A spokesperson for Fujitsu wasn't immediately available for comment when contacted by CNBC.

Persons: Tolga Akmen, TOLGA AKMEN, Akmen, postmasters, Paul Patterson, Patterson, Fujitsu Tim Morse, —, CNBC's, Mio Kato Organizations: subpostmasters, of Justice, Appeal, Getty, Afp, Fujitsu, Post Office, Post, Business, Trade, Asymmetric Advisors, CNBC, Fujitsu wasn't, Treasury, Fujitsu —, ICL, Tokyo Stock Exchange, LightStream Locations: London, AFP, U.K, Japan

☆ Fujitsu shares drop nearly 4% as its Europe chief says compensating Post Office victims is a 'moral obligation'
▼ + stars: | 2024-01-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

This case received new public attention this year when ITV broadcast a drama series, "Mr Bates vs The Post Office," about the sub-postmasters fight for justice. Horizon was manufactured by Fujitsu in 1999 and rolled out across Post Office branches to manage financial transactions. "We did have bugs and errors in the system and we did help the Post Office in their prosecutions of the sub-postmasters," he told the committee. The government has set aside 1 billion pounds in compensation for victims of the Post Office scandal. And the role of the post office has been well known in these court prosecutions, but Fujitsu for some reason had been rarely mentioned in the press."

Persons: Paul Patterson, Mr Bates, Patterson, Timothy Morse Organizations: Fujitsu Services, Business, Trade, Nikkei, Fujitsu, IT, Post, ITV, of Commons Business, Trade Committee, Government Locations: Europe, London

Read said the Post Office has drastically changed over the past few years and has earmarked around a billion pounds ($1.3 billion) for compensation. He also confirmed it would not pursue any further prosecutions and that it is actively looking to replace the much-altered Horizon system in its branches. The Post Office maintained that Horizon was reliable and accused branch managers of dishonesty. The number of victims is not fully known, and it emerged Tuesday that hundreds more may have been financially affected by the faulty computer system. A group of postal workers took legal action against the Post Office in 2016.

Persons: Paul Patterson, “, ”, Patterson, Nick Read, Read, Rishi Sunak, Mr, Bates, Alan Bates, Toby Jones, “ It’s, Jo Hamilton, Neil Hudgell Organizations: Fujitsu, Fujitsu Ltd, Post, Post Office, Parliament's Business, Trade, Court, ITV Locations: Europe, Japan, London

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