Indian government will not bail out Satyam
The Indian government has ruled out any bailout of struggling outsourcer Satyam. Ashwani Kumar, minister of state for industry, told The Times of India: "This government is not going to directly or indirectly subsidize wrong-doing and fraud in Satyam." He said the government would do what it could to save jobs at Satyam, and …
Surely the only thing worth a damn that PWC can offer to whoever gets to sort out the Satyam mess is a huge apology followed by a partial or complete refund for their utter failure to enforce what one would assume is due diligence when auditing company accounts?
KPMG is not registered with the ICAI (Institute of CAs of India) and hence not authorised to audit Satyam. They have since issued a press release saying that the task of restatement of financial statements does not amount to an audit and the scope of work involved does not require ICAI registration.
@BLoad - the point you make (if any) is not clear from re-reading your post. Please translate to English.
Glad to see the Indian government telling Satyam to go to hell. I think they're quite right. The only way to save any sort of integrity in the Indian outsourcing market is to let the corrupt basket-case Satyam die. I applaud the line they are taking.
Take PricewaterhouseCoopers to the cleaners. Useless a-holes. Makes any accounts certified by them not worth the paper they're written on. Maybe they should outsource to India?
