Satyam disputes World Bank fraud claims, demands apology

December 30th, 2008 - 6:41 pm ICT by ANI  

Melbourne, Dec.30 (ANI): Indian IT services provider Satyam Computer Services has demanded a public apology from the World Bank over claims of “providing improper benefits to bank staff and for failing to maintain documentation to support fees charged for its subcontractors”.
The World Bank had barred Satyam last February from all contract work at the bank for a period of eight years, effective September 2008, as a result
Denying the World Banks claims, Satyam has sought a public apology and added that it was now evaluating all possible options to deal with the bank in the wake of its recent negative statements.
Satyam Computer Services vigorously objects to certain inappropriate statements made by World Bank representatives reported recently in the press. Satyam formally requested today that the World Bank immediately withdraw those statements, that it issue a new statement apologising to Satyam for the harm done to the company due to the Bank’’s actions, and that it provide Satyam with a full explanation of the circumstances related to the Bank’’s inappropriate statements,” Australian IT quoted a company statement, as saying.
The alleged ban follows Satyams controversial attempt to pay US 1.6 billion dollars for two distressed real estate and infrastructure companies that were controlled by the outsourcers founder and chairman.
The attempted purchase sparked an angry investor revolt that saw Satyams stock drop 55 per cent in value. The company reversed its course but in the wake of the controversy, four directors have resigned from the board in the past week. (ANI)

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