2018: The Year of the Shake-Up. As we ring in the new year, it seems a good time to reflect on the big industry changes we saw in 2018:
Copier Careers® Your source for Copier Channel news. Samsung Heir Freed by South Korean Appeals Court Samsung Heir Freed from Sentence A South Korea appeals court set the Samsung Heir, Lee Jae-yong, free on Monday from his five-year jail sentence for corruption and bribery. According to Nikkei, Lee has been detained on these charges since […]
After years of financial support for its scandal-hit Indian subsidiary, Ricoh has finally drawn the line. And it’s no surprise considering the Tokyo-based parent company’s recent correction of its original fiscal 2017 forecast from a $26.4 million profit into a net loss of $61.5 million – Ricoh’s first net loss since fiscal 2011. According to Bloomberg, this revised forecast is solely “due to the anticipated losses arising from the [Indian] subsidiary.”
Even the de facto heir of Samsung, Lee Jae-yong, could not avoid the consequences of the far-reaching corruption scandal that lead to the impeachment of former South Korean president, Park Guen-hye. In an historic conviction, Lee has been sentenced to a five-year prison term, indicating as the New York Times puts it, “South Korea is no longer willing to offer its business leaders political impunity in exchange for untrammeled economic growth.”
An independent investigation of Fuji Xerox in New Zealand and Australia revealed an estimated $343 million USD in overstated revenue over the past five years. During that time, sales managers had been reporting inflated earnings from leased photocopiers in order to meet revenue targets. This widespread practice in New Zealand was brought to Fujifilm’s attention by an unnamed Fuji Xerox insider in 2015. While further investigation of accounting practices in other markets found similar issues in Australia, it found “nothing inappropriate” in Japan.