Satyam investigators start to chase missing money

The Indian government suspects Satyam's disgraced former chairman Ramalinga Raju may have diverted money into a maze of subsidiary firms. Minister of State for Company Affairs Prem Chand Gupta told the FT that there had clearly been serious irregularities in the firm's figures: "On the face of it the Registrar of Companies feels …

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Posted Monday 19th January 2009 13:48 GMT

Anonymous Coward

Enron

"The Indian government suspects Satyam's disgraced former chairman Ramalinga Raju may have diverted money into a maze of subsidiary firms."

This sounds like India's own Enron (viz maze of subsidiary firms). This time it's PWC and not Arthur Anderson which audited and OK'd the accounts. Of course, PWC cocked up in Japan (Nikko Cordial - a massive fraud which PWC audited as OK) and they managed to keep the brand intact unlike Anderson.

Companies employ auditors who are "nice" to them - viz, not hard, buy lots of lunches/away days.. Shaeholders vote on this - they should take more interest !!!

Posted Tuesday 20th January 2009 01:28 GMT

Anonymous Coward

Middle class morality - part umpteen?

Now if the President Elect, Gordon Brown and the remainder of the free world take notice of the initiatives exercised by our Asian colleagues...

Ah, Oh but!

I can recall that quite some years ago import/export with Asia was deemed risky because of the volume of backhanders required. It looks as if Asia can now say the same?

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