20 December 2004 – Itasca (IL): OfficeMax is investigating a vendor’s allegations that certain company employees falsified invoice documents to the value of $3.3 million, it has disclosed.
According to a Reuters report, the company said its investigation stemmed from claims by a vendor that certain employees "acted inappropriately in requesting promotional payments and in falsifying supporting documentation for about $3.3 million in claims billed to the vendor by OfficeMax during 2003 and 2004".
Spokesperson for the company, Bill Bonner, told opi.net: "We are currently working with our audit committee to characterise the source of the claims, which we expect to be in our merchandising department, and we are committed to investigating fully what has happened."
The identity of the vendor was not disclosed.
As a result of the investigation, which has begun only recently, the company has decided to delay plans to use proceeds from its sale to Boise Cascade in December 2003, as well as the equity contract conversion to buy back common shares of between $775 million and $815 million.
