The international media are having a field day with our country's reputation in what could be one of New Zealand's largest-ever corporate frauds involving FujiXerox NZ.

'Our country's reputation is being trashed and what do we hear from the government? Nothing but the sound of chirping crickets,” says New Zealand First Leader and Member of Parliament for Northland Rt Hon Winston Peters.

'For all the wrong reasons New Zealand has made the New York Times, The Japan Times, Financial Times, Nikkei Asian Business Review, and Latin America Herald Tribune.

'Five years of ‘accounting irregularities' costing towards $500m shows how far some New Zealand business standards have descended to banana republic levels. Despite the SFO, Audit-Office and Ministers all being warned something was amiss they saw no evil, heard no evil and spoke no evil.

'This is doing incalculable reputational damage to New Zealand. What does it say about the way we do business here because it has cost senior executives in Japan their careers and reputation, but here in New Zealand – nothing.

'Corruption in New Zealand is hidden by process and the establishment covering its own tracks. For heaven's sake, the convicted Ministry of Transport fraudster Joanne Harrison was able to award herself a contract using the Government Electronic Tenders Service.

'And she came to light because of whistle-blowing but just how many are let go with a payout to keep their mouths shut to keep reputations intact?

'What we know is that this FujiXerox NZ fiasco is mounting and the sound of this government's inaction is deafening,” says Mr Peters.