NETWORK 18 EXCLUSIVE | SATYAM FIASCO
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Exclusive: Raju's confession letter | CFO's confession
Published on Mon, Jan 12, 2009 at 10:48, Updated on Mon, Jan 12, 2009 at 14:25 in Business section
Tags: Satyam Computer, Satyam Crises , Hyderabad
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Hyderabad: The arrested Satyam top brass claim PricewaterhouseCoopers (PwC), the company auditors, never warned Satyam of discrepancies in accounts over the last seven years.
In a confession letter – to which Network 18 has exclusive access – ex-Satyam Chairman Ramalinga Raju admits to the fraud and justifies his position. Following are the pointers of the letter:
Because of the present global financial situation, disparity shown in the balance sheet became difficult to cover up .
Things have gone out of control. Since I have been instrumental in starting the company, I wish it to be a leading company and could not bear the thought of it coming down. That is the reason I have money to save the situation.
Since about seven years, we wanted to show more income in the account to avoid others from involving in company affairs and any other possible hostile takeover situation, and hence, manipulated the balance sheet to attract more business and show unavailable amount as available cash in hand.
This process continued for the last seven years and margin amount shown got increased much more year after year.
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DEAR SIR
OH JUST FOR ONCE
HOW DO I MISS SEEING THEM
OCM
OR SEE
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Apart from Rajus confessional letter what happened to the 7 member top corporate Excecutives during last weeks press meet are
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This is ridiculous... if you have "exclusive access"... put the letter on the site... What on earth are these four
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What a foolish thing Mr.Raju has done....this is indeed definitely a fraud.The Icon who has been a role model to
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So far none has shown any inkling as to the personal wealth which might have been amassed by this or
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