Outsource kee lan, how fucked are we from Satyam fraud

[batman1]

To the MIW,anything that is FOREIGN must be good ! No questions asked !

 

[DerekLeung]

Two PWC staff arrested over Satyam: Indian police
Sat Jan 24, 2009 10:40am EST

NEW DELHI (Reuters) - Two officials at PricewaterhouseCoopers, the auditors of fraud-hit Satyam Computer Services accounts, have been arrested by the Andhra Pradesh state police, a senior police official said on Saturday.

"We arrested them last night after several rounds of interrogation. They will be sent to the court late in the evening," A. Sivanarayana, additional director general of police in Hyderabad, told Reuters by telephone.

He did not specify the charges under which they were arrested.

PWC said in an emailed statement: "We greatly regret that two Price Waterhouse partners have been detained today for further questioning. We do not know the basis for them being detained."

"Over the last fortnight, the firm has fully cooperated in all inquiries and has provided the documents called for by the Indian authorities," it added, saying it would continue to co-operate with the authorities.

Earlier this month PWC said its opinions on the outsourcer's financial statement may be rendered "inaccurate and unreliable."

Satyam has been struggling for survival since January7 when its founder Ramalinga Raju resigned as chairman revealing profits have been overstated for years and $1 billion in cash on the books did not exist.

Raju, the company's former managing director and chief financial officer have already been arrested and are in jail and a new six-member board has been nominated by the government to contain the fallout of one of the country's largest corporate scandals, dubbed "India's Enron."

The new board, which has appointed auditors KPMG and Deloitte to restate the accounts, is working to secure funding to pay salaries and other bills and appoint a chief executive and chief financial officer to steer Satyam out of the mess.

On Friday the board said it hoped to arrange enough funds sufficient to keep the firm running till the end of March before Jan 28 and had narrowed its choice for the CEO and CFO to three candidates.

Amid these developments potential buyers have begun circling Satyam, eyeing a global client base which includes General Electric and Nestle.

Larsen & Toubro, India's top engineering and construction firm, said on Friday it had raised its stake in Satyam to 12 percent from 4 percent to protect its interest.

U.S.-based midsized outsourcer iGate Corp has said it would be interested in buying Satyam and was in touch with private equity firms to fund a possible deal.

(Reporting by Devidutta Tripathy; Writing by Narayanan Somasundaram; Editing by Kevin Liffey)

 

[nextinfidel]

Having an indian FT in your project team is deadly enough

Which sinkie in the right mind would want to work for an indian FT boss in an indian FT organisation???

a relative of mine works in IT. yes works with all these keklengs before.
says keklengs all talk a lot and talk big only during meetings. say: a certain project has 20 segments to be shared out among 5 members. so each person takes on 4 segments. kekleng will talk talk talk until the project ends up with 40 segments for 5 members, each doing 8 now, instead of just 4.

so when the project ends, everyone comes back to the meeting table with their respective segments, the kekleng comes back empty handed.

 

[fishbuff]

this is crazy. we already have NCS, SCS, crimsonlogic and other local IT companies capable enough to do that job, and they still want to outsourced to other countries?