After admitting to fraud, Ricoh India Chairman and Director Tetsuya Takano has resigned from the company.
"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," Ricoh India said in a BSE filing.
In May, Ricoh India, a subsidiary of the Japanese imaging and electronics company filed a police complaint after a forensic investigation revealed falsification of accounts. The company sources have revealed to Times of India that the roles of certain insiders are being investigated. It is suspected that the wrongdoing at Ricoh India os likely to be the biggest corporate fraud involving a local company after the Satyam fraud in 2009.
Ricoh India admitted on 19th July that its accounts do appear to have been falsified as it estimated to incur a loss of Rs. 1,123 crore for the year ended March 2016, even as its promoter entity Ricoh Company Ltd. has proposed to recapitalize the firm for their losses.
BSE has suspended Ricoh India’s share trading, stating ‘penal reasons’ and SEBI has stepped up its probe in the matter.
Soon after the falsification of the records of Ricoh India’s came to light, Chief Executive and Managing Director, Manoj Kumar resigned after he was asked to go on leave during an audit in the company, along with Chief Financial Officer (CFO) Arvind Singh and Senior VP and COO Anil Saini.
Ian Peter Winham will be taking over from Takano. Winham joined Ricoh Group in 2002 as CFO of Ricoh Group Europe and EMEA. In 2007, he was appointed the Executive Vice President, CIO and CFO of Ricoh Europe. He was appointed the Head of Global Capital Management in 2014 and was appointed the Corporate Vice President of Ricoh Company, Ltd. in 2016.
Winham has been working extensively in India for the last 6 months.