1. Accounting Fraud: Ricoh Sacks Two, Accepts CEO's Resignation

    Accounting Fraud: Ricoh Sacks Two, Accepts CEO's Resignation

    Japanese imaging and electronics major's Indian subsidiary Ricoh India today said it has terminated employment of its CFO Arvind Singhal and Senior Vice-President and COO Anil Saini on finding that they have "caused grave loss to the company".  Ricoh India has also accepted resignation of MD and CEO Manoj Kumar...

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    1. 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.
    2. 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 as the CEO of the company.
    3. As per the investigation, it appears that the accounts have been falsified and the company's accounting principles and standards have been violated.
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