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Why wasn't India's Enron Noticed?

Teams of Indian market regulators are going through the books at Satyam offices in Hyderabad and Bangalore to try to find out just how the multi-million-pound fraud dubbed "India's Enron" was hidden for so long.

One team is examining records at the company's auditors, PriceWaterhouse, as the global chief executive flew out to India. The IT company's disgraced chief executive Ramalinga Raju is expected to be arrested soon.

His confession that he had effectively cooked the company books for several years has shocked the Indian business community and seriously dented confidence in the country's formerly squeaky-clean IT sector.

The interim chief executive Ram Mynampati and a number of the other company heads have been trying to reassure customers and clients that the fraud was a one-man effort and they knew nothing about it.

Mr Mynampati described it as a crisis of "unimaginable proportions".

The company heads have admitted they have enough cash to pay the salaries of its 53,000 employees for December but are unsure if the money can be paid in January.

Mr Mynampati said the main focus was to ensure the business continues. He said he had contacted a hundred of the top company clients who provide 80% of the revenues and had received expressions of support.

However, he also added liquidity was a major problem.

The fraud at India's fourth-largest software company has raised serious questions about the strength of India's corporate governance and the wisdom of investing in emerging markets.

Source: Sky News


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