Friday, January 9, 2009

Satyam fiasco

Ramalingam Raju CEO of the company, 53, on Wednesday confessed in a letter to Satyam's board of directors to inflating profits for years with "fictitious" assets and non-existent cash. Raju said that about $1.04 billion, or 94% of the cash listed in assets at the end of the company's second quarter in September, was fictitious.
Satyam had earned itself a nice reputation and its employees were offered discounts everywhere in the city of Nawabs - Hyderabad. But this big billion fraud from a country like India and that too within a company like Satyam has come like bolt from the lightnining . Satyam is(was) one of the Fortune 500 companies and is(was) the 4th largest IT firms in India.
God help us in hard times !


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