With listed Ricoh India pulled down by a scam, the Japanese banks have now claimed the money from Ricoh JapanRicoh Co of Japan is set to recover about Rs 1,345 crore of loans taken by Ricoh India, the tainted local subsidiary of Japanese digital imaging equipment maker, which has now turned bad. Some of the Japanese banks of Ricoh Co had stood as guarantors to these loans given in India to the Indian subsidiary. With listed Ricoh India pulled down by a scam, the Japanese banks have now claimed the money from Ricoh Japan. These Japanese banks have the right to request compensation from Ricoh, if the request is made by local banks in India and the payment based on the standby L/C," Ricoh Co has told its shareholders. Ricoh now intends to claim the total amount from Ricoh India, from where monies were siphoned off in the scam.

Source: dna November 24, 2017 02:15 UTC