Satyam scandal could be 'India's Enron', page 1

Satyam scandal could be 'India's Enron'

www.msnbc.msn.com

BANGALORE, India - The head of Indian outsourcing firm Satyam Computer Services resigned on Wednesday, disclosing that profits had been falsely inflated for years.

Satyam's shares plunged almost 80 percent. India's biggest corporate scandal in memory threatened future foreign investment flows into Asia's third-largest economy and cast a cloud over growth in its once-booming outsourcing sector.

(visit the link for the full news article)



[edit on 8-1-2009 by serge]

[edit: fixed title]

[edit on 8-1-2009 by 12m8keall2c]

Looks like this may have significant implications on outsourcing services like IT to India.

"Raju, who founded Satyam more than two decades ago and who took it public in 1991, said about $1 billion, or 94 percent of the cash on the company's books, was fictitious."

Please stay clear of the "fan".

(did a quick search, didn't see this posted here, sorry if I missed it)

www.msnbc.msn.com
(visit the link for the full news article)

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