Can Satyam move on?
The fraud revealed by the fourth largest IT company in India has left the country stunned.
January 8, 2009 5:02 by Aarti Nagraj
The $1 billion fraud at India’s Satyam Computer Services was shocking. The company’s founder and chairman Ramalinga Raju quit on Wednesday, after disclosing that profits had been overstated for years. While media reports say that international investors are now wary of the Indian IT sector, rival companies have been quick to point out that it was a one-off case.
Satyam has appointed an interim CEO, and a senior company official told Reuters that customers were being told it was “business as usual.”
But how can it be business as usual? Will the company continue to run as usual? Will it be able to retain its 50,000-odd employees? [An analysis by Siliconindia says 10,900 Satyam employees have posted their resumes on job portals since the last one month].
And will a fraud of this magnitude hit the UAE? How will it affect you?