Satyam Computer (SAY) Chairman Resigns After Disclosing Massive Fraud
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Satyam Computer Services Ltd. (NYSE: SAY) Co-Founder, Chairman B. Ramalinga Raju resigned today after admitting that he falsified earnings and assets.
A few weeks ago, Satyam made a failed attempt to merge the company with two entities controlled by his family. He claimed it was an attempt to plug 50.4 billion rupees of "fictitious" cash of the company's balance sheet.
He said profits have been inflated for "several years."
In this letter to the board, Raju said the fraud, "was like riding a tiger, not knowing how to get off without being eaten."
Shares of Satyam plunged in overseas trading on the news.
Link to Raju's Letter To the Board
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Satyam
ahamed on Jan 8, 2009 06:54 AMSO WHAT ARE WE GOING TO DO TO RAJU? THERE IS ALWAYS SOME RAJU LURKING SOMEWHERE AND THEY SHOULD BE PUNISHED WHERE IT HURTS.