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World Bank Bans Satyam for 8 Years
23 Dec 2008
The World Bank has barred India's Satyam Computer from doing business with it for eight years on the charges of data theft.
World Bank official admitted that Satyam has been barred from all business at the bank for eight years.
The World Bank debarment has been meted out for "improper benefits to bank staff" and "lack of documentation on invoices. There have also been allegations against Satyam of causing security breaches at the bank.
World Bank's records, which contain sensitive financial information have reportedly been illegally accessed over the last year.
World Bank's revelation couldn't have come at a worst time for Satyam. The company is already facing flak from investors on its decision to acquire Maytas' distressed real estate and infrastructure industries for $1.6 billion.
Tags
worldbank, satyam, financial information
Visit http://www.worldbank.org/
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