The two PwC partners that were responsible for the Satyam audit have confessed their involvement in the fraud.  S. Gopala Krishnan and Srinivas Talluri, were arrested on January 24, 2009, and remanded to judicial custody until February 6, on charges of fraud and criminal conspiracy.  While in custody and during an intense interrogation, the two India based partners, revealed . (more…)

Things keep getting worse for PwC but the ultimate impact is still to be determined.  On January 24, 2009 two of PwC’s partners, S. Gopalakrishnan and Srinivas Talluri, were arrested and remanded to judicial custody until February 6, on charges of fraud and criminal conspiracy. (more…)

Satyam Computer Services  Ltd., is under suspicion for perpetrating the largest fraud in India’s history.   Satyam Computer’s Chairman and founder, its Chief Financial Officer, and its former CEO, have all been recently arrested and charged with criminal conspiracy and forgery, along with several other offenses.  (more…)

In a major change of policy, on January 11, 2009 the World Bank decided to make public the names of all companies that have been debarred from receiving direct contracts under its corporate procurement program.  The World Bank released the names of 111 companies and individuals that are currently on the list including Satyam Computer Services.  Being debarred by the World Bank may soon be the least of these entities worries. (more…)

Hewlett-Packard and IGate Corp., a U.S. based computer services provider with operations in India, have both expressed an interest in acquiring or merging with Satyam Computer Services  Ltd., the same company which is currently in the midst of the largest fraud in India’s history.   Satyam Computer’s Chairman, Chief Financial Officer, and a former CEO, have all been recently arrested and charged with criminal conspiracy and forgery, along with several other offenses.  All three face life in prison.  While the present turmoil has resulted in a large devaluation in Satyam’s stock (ADR is traded on the NYSE), making an acquisition attractive, the downside risk to Satyam’s suitors is huge. (more…)