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Satyam's $1 Billion vanished in last three months
By siliconindia
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Saturday, 07 February 2009, 22:30 IST
New Delhi: The lack of funds in Satyam is directed to a new scam, with bank statements proving that $1 billion (
5000 crore) have vanished from the company funds within three months. The company had more than $1 billion (5,000 crore) in September 2008 but by January 2009, Satyam was left with only 200 crore of maturable fixed deposits.
The funds of the firm would have been enough for the payment of salaries to staff. In his confession, fraudulent ex-chairman of Satyam, Ramalinga Raju had said that he was disclosing the manipulation of accounts after failing in his last-ditch effort to salvage Satyam through acquisition of the two Maytas firms on December 16.
The scam-tainted firm had short-term or long-term fixed deposits of over 3,300 crore, and another 300 crore of accrued interest, in addition to current account deposits of over 1,800 crore, as per the last auditing done by PriceWaterhouseCoopers (PWC) for the quarter ending September 2008. It is believed that no term deposit has been made after mid-February 2007, though it did make a few short-term or margin money deposits, amounting to about 10 crore till September 2008.
The PWC have done the audit as per the statements sent by a host of banks detailing the fixed long-term deposits, along with maturity, ranging between October 2008 and February 2009. According to the bank statements more than 90 percent of the total deposits had matured by January 7.
5000 crore) have vanished from the company funds within three months. The company had more than $1 billion (5,000 crore) in September 2008 but by January 2009, Satyam was left with only 200 crore of maturable fixed deposits.
The funds of the firm would have been enough for the payment of salaries to staff. In his confession, fraudulent ex-chairman of Satyam, Ramalinga Raju had said that he was disclosing the manipulation of accounts after failing in his last-ditch effort to salvage Satyam through acquisition of the two Maytas firms on December 16.
The scam-tainted firm had short-term or long-term fixed deposits of over 3,300 crore, and another 300 crore of accrued interest, in addition to current account deposits of over 1,800 crore, as per the last auditing done by PriceWaterhouseCoopers (PWC) for the quarter ending September 2008. It is believed that no term deposit has been made after mid-February 2007, though it did make a few short-term or margin money deposits, amounting to about 10 crore till September 2008.
The PWC have done the audit as per the statements sent by a host of banks detailing the fixed long-term deposits, along with maturity, ranging between October 2008 and February 2009. According to the bank statements more than 90 percent of the total deposits had matured by January 7.
