New Reply

Post a Reply

Thread: Satyam (India IT outsourcing Co.)chairman admits he cooked the books

Title: (100 characters at most)

Content: ( 3,000 characters at most, please )

You can add emoticons below to your post by clicking them.

[quote=COOLSPRINGS,359852]San Jose's Cisco, which had considered a minority investment in a Satyam subsidiary, issued a statement saying it had not yet finished the agreement.

"The recent unfortunate developments unfolding at Satyam are not expected to have any material impact for Cisco," the company wrote. "At this point, we would not like to comment further and have full confidence in the government and regulatory authorities to address this matter as appropriate."

Satyam triggered warning signs in December when Raju proposed the company pay $1.6 billion to buy two construction firms partly owned by him and his family. Investor outrage scuttled that deal.

Also in December, the World Bank banned contracts with Satyam for eight years, saying the firm had inappropriate business practices.

"Where you see one thing, there is usually something else," said David Smith, co-head of Asia Pacific corporate governance research for RiskMetrics Group in Singapore. "Emerging markets have had an extraordinary bull run over the past few years, and corporate governance has perhaps taken on less importance than in previous years. If you're going to keep your money in emerging markets, shareholders have to understand how they actively manage their corporate governance risk."

[/quote]

characters left

Name:

Get a new code