Recently, the accounting fraud of Satyam rocked the world. Some even named it as Indian Enron. The fraud is India’s biggest corporate scandal since the early 1990s and its first high-profile casualty since the start of the global financial crisis.
Actually before this accounting fraud is revealed, Satyam in recent months has been under close scrutiny, after an October report that the company has been banned from World Bank contracts for installing spy software on some World Bank computers. Saytam denied it but World Bank confirmed it without elaboration on the cause that Satyam had been banned. Also in December 2008, Satyam’s investors revolted after the company proposed buying two firms with ties to the chairman and CEO’s son. By late December, it seems that he had little support from the board or investors and four of the company’s directorsr resigned in recent weeks.
Below detailed some details on the Group, Importance of this Accounting Fraud, Who is Who being Implicated in this fraud case and Other reactions and developments:-
Continue reading Indian Enron : The USD1 Billion Accounting Fraud At Satyam
FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four, Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.
Also author to another very popular free educational accounting cum finance blog: http://basiccollegeaccounting.com under the branding of College Accounting Coach.
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