Update in Satyam case has founder fleecing and blaiming the company books

B. Ramalinga Raju may have taken up to $1B from the company rather than the initial claim that the company had made up the money.

"Mr. Raju, who was Satyam’s chairman, said in a letter to the company’s
board on Jan. 7 that about $1 billion of the company’s cash was
“non-existent” and that he had falsified its profits for years to avoid
losing control of the company. But the person involved in the
investigation said that despite Mr. Raju’s claim that he had padded
profits, he relied on hundreds of companies to divert money from
Satyam."

More from the NYTIMES.COM article can be read here.

January 17, 2009 In: Companies, International, People Comments (None)