In May 1996, ICL Pathway Limited (later Fujitsu Services (Pathway) Limited) was awarded the private finance initiative contract to develop the Horizon IT system to modernize Post Office and Benefits Agency operations.[17][18] The project encountered a number of delays and setbacks during development, causing the Benefits Agency to abandon it in 1999, which led to a £180 million write-off at ICL and £571 million at the Post Office.[19] The project in large part led to reputational damage to the ICL brand, causing the renaming of the company to Fujitsu Services in April 2002, and later to just Fujitsu.[19] Horizon provided both a replacement for the Post Office's paper-based in-branch accounting, and point-of-sale functions.[20] In 2004, Fujitsu described Horizon as "Europe's largest non-military IT contract".[21] Richard Christou, who was chief executive from 2000 to 2004, later stated he led the original commercial negotiations on the Pathway project, and over the following 25 years it had been ICL and Fujitsu UK's "most profitable" project.[22][16] Data from Horizon was later used to prosecute more than 900 sub-postmasters over unexplained losses,[23] but it was found by the High Court in 2019 that "bugs, errors and defects" within the system could have caused the shortfalls.[24] As of 2023, offers of compensation totalled more than £120 million and a public enquiry into the matter is ongoing.[25]