Satyam’s Computer Services Chairman Arrested , Board Sacked, in Fraud Probe
According to Bloomberg: “Satyam Computer Services Ltd. chairman Ramalinga Raju and his brother Rama were arrested and the remaining directors of the software exporter sacked, as India started investigating an alleged $1 billion fraud.”
“Satyam, India’s fourth-largest software exporter, plunged for a second day in Mumbai trading on concern it may run out of money after Raju said he falsified the accounts “for several years.” The scandal, whose scope is being likened to the 2001 bankruptcy of Enron Corp., has shaken confidence in Indian companies and accounting standards.”
“The Satyam case is an aberration,” Prem Chand Gupta, the Corporate Affairs Minister said. “The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this.”, according to BBC
Update (01-10-2009): “The chief financial officer of India’s Satyam Computer Services Ltd. was arrested Saturday, the third person taken into custody in a scandal that began when the company’s chairman admitted inflating profits with “fictitious” assets and non-existent cash.
Company founder B. Ramalinga Raju and his brother, Rama Raju, Satyam’s managing director, were arrested Friday in connection with the scandal. In a letter written to investigators, B. Ramalinga Raju admitted that he and his brother were responsible for cooking the books at Satyam”, according to CNN
Satyam founder B. Ramalinga Raju
Update 2 (01-10-2009): According to Naatmad: “Satyam Computer Services, [..] has said it will take fewer people on board to cut costs due to the unstable global economic environment. The company is planning to hire only 8,000-10,000 people this fiscal as against 15,000 that it had earlier planned to recruit. [..] Around 250 employees were given the pink slip last quarter.”
Update 3 (01-14-2009): According to BusinessStandard (India): Satyam may get full-time directors in a week
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Satyam Scam by far Largest Corporate Scam in India Inc.
http://www.satyamscam.info/
Gartner and the rest of the IT fortune tellers advocate outsourcing to India
NO so great after all ..
Most of the international companies just cooking up their books for business, e.g. Computer Associate ….
Anyone knows about Gartner layoff ?
[...] Satyam (India) fraud in IT [...]
Satyam scam will lead to less IT work to Indian Companies for next few months.
Thats nice. We send our jobs and our personal, healthcare and financial data to this idiots and this is what happens. At least if we kept our jobs and our data here - and this happened here, we wouldnt have to go far to find the asswipes. PLUS, we’d keep our jobs and homes and feed our own families. Our nation’s CEOs need to be thrown in prison for contributing to a national economic collapse as well as a national security problem. Its time this bullshit stops!
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