Click to play videoNew Delhi: Srinivas Valdamani, Chief Financial officer at Satyam was thought to be privy to all Satyam dealings. After all he is the CFO and after Ramalinga Raju he was the other most wanted. But in his startling confession he has claimed to have no knowledge whatsoever about Satyams bank deposits.
In his confession to the CID on the CFO, Srinivas Valdamani said “Bank deposits were handled directly by chairman & managing director I was specifically asked not to look into this. One week before the meeting, I used to be presented with balance sheets, profit & loss accounts,”
Vadalamani points fingers to the auditors but the more shocking one is about what he thinks about the fixed deposits of Satyam.
"I used to have discussion with auditors Pricewater Cooper two days prior to the board meeting. Auditors never pointed out any discrepancies,” he said.
"I had suspected that something was wrong when payments were delayed. According to me fixed deposits were unreal & fictitious."
His boss Ramalinga Raju says in his confession that the global economic downturn has forced him into a mess and this scam.
"Because of the present global financial situation, it became difficult to cover up the disparities shown in the balance sheet,” Ramalinga Raju said.
“Since about 7 years we wanted to show more income in the account to avoid others from involving in company affairs & any other possible hostile take over situation,” he added.
“This process continued for the last 7 years & margin amount shown got increased much more year after year,” he said
These confessions are not admissible in court. But no one knows whether this is the truth or this is part of the truth. After all it is about Satyam the company that never told the truth.
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