You Almost Have To Feel Bad For Satyam… Almost
“The developments so far indicate that the current board of Satyam has failed to do what it was supposed to do,” Prem Chand Gupta, India’s corporate affairs minister told reporters today, adding that “The government is committed to punish everyone found guilty, including the auditors.”
That doesn’t bode well for Satyam Computer Services (NYSE: SAY)’s board of directors, who have already been sacked. And former CEO B. Ramalinga Raju is going to be “interviewed” (read: interrogated) on Saturday.
However, the company itself isn’t in danger of being shut down at this point. At least not in any more danger than it was Wednesday. Ten government-appointed directors will be meeting in the next week to appoint new managers to the company, while other officials pour over documents seized from the main office.
So what does this mean for Satyam? Obviously, India intends it to go on if at all possible, but that doesn’t mean that it will ever gain back the trust it had before. Already, the Indian market and currency have suffered due to the scandal. And according to media reports, Citigroup (NYSE: C) has frozen its accounts with Satyam in order to secure $70m in loans.
Rest assured that won’t be the last company to do so.
Friday, January 9, 2009 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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