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October 11, 2011

Satyam fraud suspects released on bail

Former Satyam employees and a former Price Waterhouse (PW) India auditor have been released on bail by the Supreme Court in India as they face charges for alleged involvement in the Satyam accounting fraud, according to India media reports.

The former Satyam employees granted bail are former internal chief auditor V S Prabhakar Gupta, executives G Ramakrishna, D Venkatpathi Raju and C h Srisailam as well as PwC auditor Subramani Gopalakrishnan.

The five are said to have approached the Supreme Court challenging the 30 August order of Andhra Pradesh High Court which had rejected their earlier bail plea.

The grounds for bail stated are: the trial in the Satyam scam was not completed within the Supreme Court-stipulated deadline of 31 July and all the prosecution witnesses had been examined.

Currently only two of the ten accused of the fraud are still in prison, B Ramalinga Raju and his brother and Satyam’s former managing director Rama Raju.

The Satyam fraud unfolded in January 2008, when financial irregularities totalling about $1.44bn – the largest corporate fraud in India’s history – were discovered. PW India was Satyam’s statutory auditor at the time the irregularities took place.

 

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