Escape? Satyam interim CEO in US

Quick Register
User Name:
Human Verification

Go Back   UNP > Chit-Chat > News

UNP Register


Old 14-Jan-2009
deepak pace
Post Escape? Satyam interim CEO in US

New Delhi: As the Government debates a bailout package for Satyam, the Serious Fraud Investigation Office has got three months to look into corporate India's biggest scam. It is a crucial three months for former Satyam chairman, B Ramalinga Raju who many say is scripting his slip behind bars.

Meanwhile, the interim CEO Ram Mynampati - who is now wanted - is in the US.

This is what Mynampati had said a few days ago: "I along with other members of the board received reports and data that were audited and verified by a leading accounting firm and we rely on that data for making our relationship."

Exclusive information with CNN-IBN tells a different story. Sources tell CNN-IBN that Ram Mynampati sold 2.5 lakh American Depository Receipts (ADRs) of Satyam and 7 lakh domestic shares just before the scam broke out, clearly pointing to the fact that he was in the know of things.

US citizen Mynampati is a veteran at Satyam having spent 17 years at the company and from the year 2006 he has been a director.

And Mynampati is not the only one. Sources say 16 top officials of the company are now being investigated for insider trade.

The state CID now wants to arrest Mynampati, but he is nowhere to be found.

Sources in the CID say that Mynampati is in Hyderabad, but Satyam says that he is in the US to meet clients. If what the office says is true, then how did CID allow him to leave the country without even recording his statement?

CNN-IBN tried contacting Mynampati on his US number listed on the company's website without success. However, he did send CNN-IBN an email saying he was in the US.

So could Mynampati have escaped? Not to the US say experts where his company faces two class action lawsuits. Also investor protection laws are a lot tougher in the US.

Back home his bosses have three more months to plan a getaway. The Government has given the Serious Fraud Investigation Office three months to file its report.

So far Ramalinga Raju has managed to keep the SEBI away by getting himself arrested. Will he now fudge the probe as he cooked the books for several years? It waits to be seen how the Satyam drama will unfold.

Old 16-Jan-2009
Re: Escape? Satyam interim CEO in US

tfs ...

Post New Thread  Reply

« Mumbai's hotel gets terror emails | Disabled man starves to death at London »