Fujitsu sees £786m wiped off value amid Post Office scandal
Fujitsu, the tech company embroiled in the Post Office scandal, has suffered a financial fall from grace with more than a billion dollars wiped off its value within just eight days, according to data platform Alt Index.
The huge $1.07bn (£841m) loss follows the debut of ITV show ‘Mr. Bates vs The Post Office’, which dramatised the Post Office scandal of the late 90s, featuring Fujitsu’s faulty IT system Horizon.
“With the spotlight back on Fujitsu, it comes as no surprise that the Japanese tech giant has seen notable losses as high as £786m in recent weeks,” said a spokesperson for Alt Index shares.
“Such a dive is a reminder of how significantly the news agenda and a brand’s reputation can help or hinder when it comes to the stock market,” they added.
ITV’s four-part series starring Toby Jones has angered much of the nation and pressure is piling on the Japanese company.
Justice secretary Alex Chalk has suggested that if found culpable, Fujitsu should repay the “fortune” spent on the scandal by the government – and taxpayers.
The Post Office crisis, which saw hundreds of innocent sub-postmasters wrongfully convicted after the software made it look like money had been stolen from tills.
While the government will wait for the ongoing inquiry, which began in 2021, to conclude before taking any decisions, Chalk said he would “want to secure proper recompense”.
Over 300 Fujitsu staff, most of them contracted to HMRC, are preparing to strike next week after being offered a far lower pay rise compared to their Japan-based colleagues.
Fujitsu shares have soared nearly 200 per cent in the past five years. They are down 2.6 per cent over the last five days.