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We had no immediate use for the silicon fabrication plant where memories were made and had to shut it down - Andy Grove - Only the Paranoid Survive
Satyam founder may have embezzled $1 billion - claim
THE FORMER chairman of Indian outsourcer Satyam, Ramalinga Raju, embezzled millions from the company, instead of just inflating financial results, said a source involved in the investigation.
Raju scandalised the Indian outsourcing industry earlier this month by confessing to having falsified Satyam's revenues and profits for years and that about $1 billion of the company's cash was "nonexistent".
But investigators believe he claimed fraud to cover massive embezzlement. Detectives have found about 300 companies owned by Raju and members of his family that he and possibly others allegedly used to siphon the missing cash out of Satyam.
In a letter to the company's board on January 7th, Raju said that he'd falsified revenue and profit figures in order to avoid a potential takeover and retain his control of the company.
That appears to have been a smokescreen to hide his huge theft of company funds, money that Satyam had actually earned but then was diverted to Raju and his family, according to investigators.
Ramalinga Raju, his brother B. Rama Raju and the company's chief financial officer were all taken into custody by Indian authorities in Hyderabad on Saturday for further questioning. µ
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After the recent display of human greed catching upto itself (ie, the bailout, all that money lost and/or golden parachutes, all really results from individual human greed, for money and/or power), its nice to be reminded that people are f#$%ed everywhere.
In all seriousness, Im glad he got caught, he could have been happy with many millions, why bother stealing? I would really like to see some heads roll over here though, Im sure there's several guys in the US who've done much worse...
All you can do is laugh though, as no matter where you are, there are rich powerful people trying to f*#% ya! :)
ChemC
I am surprised this took so long to be discovered... It was obvious what "management" were doing at pretty much all levels...
It was also very obvious that they have zero respect for employees (sorry Satyam speak associates) the world over!...
I have personally meet Ramalinga Raju and some of the board and "elite" Management their attitudes were like they wanted to be treated as gods although they were inadequate to tie their own shoe laces,
I would prefer to trust any five year olds thoughts and views as they would be more logical and more mature.
It does not matter they will just buy their way out of this $$$$cash$$$$ talks a lot in India can probably get away with anything.
THIS is yet another reason I don't like outsourcing! If someone is going to embezzle money, the stolen money should at least be spent in America bolstering the American economy with the embezzled money. (Assuming that it was a US company who outsourced to India.)
LOSE / LOSE all the way around with outsourcing.