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Samstag, 10. Januar 2009

Satyam bubble bounced

Police arrest Satyam founder, Government sacks board
Indias counterparter to Americas ENRON

Indian police have arrested Satyam Computer Services founder B. Ramalinga Raju and his brother while the Government removed the company's directors and regulators took possession of its books, following revelations accounts were falsified over several years.

"Ramalinga Raju has been arrested for having violated several sections of the Indian Penal Code," S.S.P. Yadav, director general of police of Andhra Pradesh, told Dow Jones Newswires.

The state police chief said that Mr Raju's brother, B. Rama Raju, had also been arrested, while chief financial officer Srinivas Vadlamani was likely to be arrested later today or tomorrow... more details here...

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