Ricoh Fires Two Executives in Wake of Ricoh India Accounting-Fraud Scandal

Taj Mahal in-Delhi India

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.

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