The Indian Express reports that Ricoh Company of Japan has fired two executives employed at its subsidiary in India, Ricoh India. The two employees are Chief Financial Officer Arvind Singhal, and Senior Vice-President and Chief Operating Officer Anil Saini, stating that the two have “caused grave loss to the company.” Ricoh India has also accepted the resignation of Managing Director and CEO Manoj Kumar.
“Pursuant to the investigations carried out by the company, it has emerged that the above-stated officials of the company were in breach of the statutory duties assigned to their office… the acts and omissions of such employees have caused grave loss to the company,” Ricoh India said in a BSE filing.
Ricoh also stated that: “The board of directors of the company has decided to terminate the employment of Arvind Singhal and Anil Saini of the company with immediate effect. The board has accepted the resignation of Manoj Kumar as the CEO of the company.”
The firings stem from an accounting fraud scandal that began earlier this year, when Ricoh India failed to file required financial results. Ricoh India is said to have admitted that its accounts appear to be have been “falsified,” as it estimated to have incurred a loss of Rs 1,123 crore for Ricoh’s fiscal year that ended in March 2016.
- August 2016: Ricoh India Employee Says She was Threatened into Naming Ricoh India Managment Involved in Accounting Irregularities
- July 2016: Ricoh India Chairman and Director Takano Resigns in Wake of Accounting Scandal
- July 2016: Ricoh India’s Full-Year Loss Estimated to Be 17.1 Billion Yen in Wake of Accounting Scandal
- June 2016: Ricoh India Suspends Top Officers in Wake of Financial Irregularities
- May 2016: Ricoh: Ricoh India’s Failure to File Financial Results ‘Unprecedented’; Alleged ‘Massive Financial Irregularities’