World Bank admits ban on Satyam for data theft
A senior official of the World Bank has admitted that Satyam Computer Services, an India-based leading information technology firm, was barred last February from all business at the bank for a period of eight years, starting from September 2008
The scandal of ultra-sensitive data heists by the company was in news for quite some time but complying with its secrecy policy, the World Bank denied reports. However, Satyam has reacted in a defensive manner to the news, as it has questioned the authenticity of the report.
Recently, it issued a state in which it said, “The story that claims Satyam was involved in an alleged security breach at the World Bank has no validity. Satyam takes this matter very seriously. We hold ourselves to the highest standards in the industry and we take extraordinary care to develop secure networks and IT infrastructure for all our clients.”
The revelation has come at a point when Satyam is already suffering heavy losses in the stock market. From past few days, the company’s stocks have dropped nearly 55 per cent in value. Its investors turned their faces away, as the company decided to acquire Maytas’ distressed real estate and infrastructure industries for $1.6 billion. However, later the company had to revert its decision.
According to the news report, the Satyam case had been turned over to the Justice Department in 2006, as well as to the US Treasury Department. Last week, India’s securities commission also announced that it would investigate Satyam. However, no legal action has been taken against the company yet.
 | Previous Post |
.there's no way the india security commission will take action against satyam. They are all so corrupt.
.Natteri , please restrict your comment on the topic itself no need to digress to the peple of india and indinaness , i dont know which country u belong to but by passing these remarks u prove that u belong to some disgruntled country severely hurt by india progress and image .
.Satyam should change corporate name and logo, it has created enough bad reputation for themselves , IT industry and country. They are know to be crooks. Satyam stock was artificially high, I have spoken to world bank
.Satyam and management is know to create problems and thefts in past.They must learn how to be civilized company. They stole data from world bank and they want world bank to apologies, it this a joke.? The World Bank has declared Indian outsourcer Satyam ineligible to receive direct contracts from the bank under its corporate procurement program for eight years.
Satyam has been declared ineligible because it provided improper benefits to bank staff and failed to maintain documentation to support fees charged for its subcontractors, the World Bank said Tuesday.
The decision was effective in September and came after a temporary suspension that took effect in February, the bank said.
The statement by the bank follows news reports that Satyam was involved in malicious attacks on the bank's information systems, and tries to set the record straight, according to sources close to the situation who requested anonymity.
There is no evidence that Satyam was involved in malicious attacks on the bank's information systems, the statement from the World Bank said.
Satyam, India's fourth largest outsourcer, declined to comment on the statement. "Satyam does not discuss individual clients," a Satyam spokeswoman said on Tuesday.
While it is not known what the direct impact will be on Satyam's revenue from the loss of business from the World Bank, the manner in which the outsourcer was shown the door adds to earlier allegations of poor corporate governance at the company in connection with its moves to get into the construction business.
Bowing to investor pressure, Satyam said last Wednesday that it had changed its mind about the proposed acquisition of two construction companies, Maytas Properties and Maytas Infra. Satyam had announced just the day before that it was investing in construction companies, in a bid to deliver higher shareholder value in an otherwise challenging environment.
Investors, however, pushed down the price of the company's shares by about 55 percent in trading on the New York Stock Exchange, as doubts were raised by analysts whether Satyam was justified in investing its cash in the construction business, even as its main outsourcing business was going through difficult times.
Investors were also annoyed that the Raju family, which has a dominant stake in Satyam, is a key investor in the construction companies. Raju is well know fraud.
Of course, the Rajus are well known frauds! So are any number of tycoons and behemoths of India! That can't be helped in a country founded on hypocrisy, indiscipline and dishonesty by a Machiavellian outfit. The licence-permit-quota raj, established by the 'dynasty' that was imposed on the country by its 'father', was for the purpose of promoting such frauds by tycoons. It is yet to be dismantled, even 16 years after half-hearted reforms. As a result, bribing is STANDARD PRACTICE adopted by giant corporations to get things done by Indian bureaucrats, ministers and even nondescript MPs! It could be seen clearly in the vote on the nuke 'deal' done by the world��s two top discredited chieftains
.Actually now a days Satyam was unexpected Thing is more encoutering This to Bad duo to effecting Media
.Of course Satyam's statement. "Claims Satyam was involved in an alleged security breach at the World Bank has no validity." It was banned for BRIBING A TOP WB OFFICER so fatly that he risked getting sacked! WB guys made a big fuss of a STANDARD PRACTICE adopted by giant corporations to get things done by Indian bureaucrats, ministers and even nondescript MPs!
Natteri, You are talking nonsense -Satyam is corrupt company started by corrupt people
Login
 Login through Social ID
|
