Fujitsu's European chief executive, Paul Patterson, defended the company's continued profitability from government contracts amidst the ongoing Post Office Horizon scandal, asserting that Fujitsu is "not a parasite." Patterson made the comments while answering questions from the Business and Trade Committee.

The controversy stems from Fujitsu's Horizon software, which was at the center of a major miscarriage of justice that saw more than 900 sub-postmasters wrongly prosecuted. Despite this, Fujitsu has received £500 million in contract extensions from the government. Patterson emphasized that the government had the option not to extend these contracts. He also stated that Fujitsu would not bid for new business.

The financial implications of the scandal are substantial. The government is currently funding a £1.8 billion redress scheme for victims. Patterson repeatedly declined to specify how much Fujitsu would contribute to this scheme. The market context is one of increasing scrutiny of government contracts and the accountability of technology providers. The scandal has raised questions about due diligence processes and the potential for conflicts of interest.

Fujitsu is a multinational information technology equipment and services company. The Horizon scandal has significantly damaged its reputation in the UK. The company's future outlook is uncertain, particularly in relation to government contracts. While Patterson stated that Fujitsu would not bid for new business, the existing contracts and the potential financial burden of contributing to the redress scheme remain significant factors. The long-term impact on Fujitsu's market position will depend on how it manages its response to the scandal and addresses concerns about its role in the miscarriage of justice.