12-24-2008, 09:41 AM
<b>World Bank bars Satyam for 8 years</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->The World Bank has barred Satyam Computer Services [Get Quote] from doing any business with it for the next eight years even as the share prices of India's fourth-largest IT <b>firm tanked 13.5 per cent on rumours that B Ramalinga Raju, founder and chairman, has resigned. </b>
Speculation was also high on news that Wipro [Get Quote] Technologies, India's third-largest IT firm, might acquire Satyam, something both companies denied.
Foxnews.com on Tuesday reported that the World Bank ban started in September this year "due to alleged malpractice's including bribery". The news report said the <b>World Bank debarment -- the harshest sanction ever made by the bank since 2004 -- was meted out for 'improper benefit to bank staff' and 'lack of documentation on invoices'</b>.
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I am not surprised, they bribe Executives in Silicon Valley. I hope IRS will watch them.
Speculation was also high on news that Wipro [Get Quote] Technologies, India's third-largest IT firm, might acquire Satyam, something both companies denied.
Foxnews.com on Tuesday reported that the World Bank ban started in September this year "due to alleged malpractice's including bribery". The news report said the <b>World Bank debarment -- the harshest sanction ever made by the bank since 2004 -- was meted out for 'improper benefit to bank staff' and 'lack of documentation on invoices'</b>.
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I am not surprised, they bribe Executives in Silicon Valley. I hope IRS will watch them.