Ricoh Chairman Steps down

A week after admitting its accounts appear to have been “falsified”, the Chairman of Ricoh India says he will resign.

An internal investigation found company accounts had been falsified and a fiscal loss of Rs 1,123 crore (US$85,630) incurred.

Ricoh India has released an official announcement saying, “Mr. Tetsuya Takano has resigned as Director/Chairman of the company with effect from July 25, 2016. The Board of Directors of the company has accepted his resignation with immediate effect.”

The Indian company’s CEO Manoj Kumar resigned from the board in April this year.

According to TonerNews, Tetsuya Takano’s successor will be Ian Peter Winham. Winham joined Ricoh in Europe, Middle East and Africa (EMEA) in 2002 as CFO, and he has been working in India for the last six years.

The company has decided to recapitalize to remedy the loss. Many agencies and regulators, including Sebi are investigating this affair.

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