India’s Enron unfolds - two Price Waterhouse partners were arrested today for alleged falsification of Satyam Computer Services audit reports
Prithiv Sinha
Jan. 25, 2009

Satyam fiasco is looking more and more as the ‘Enron’ of America – the George Bush special. The facts are unfolding fast. Price Waterhouse is in trouble! Two Price Waterhouse partners were arrested today for alleged falsification of Satyam Computer Services audit reports in connivance with promoters led by founder and former chairman B. Ramalinga Raju.

S. Gopalakrishna and Srinivas Talluri were held this evening by investigators of the Andhra CID after questioning that lasted several hours yesterday. Both have been remanded in judicial custody for 15 days.

CID sources claimed that the two auditors had admitted to have cleared forged bank statements and other unverified documents “for a price”. Price Waterhouse looks like Arthur Anderson in case of Enron.

However, a spokesperson for Price Waterhouse, the statutory auditors of Satyam, said it had “not seen any evidence of any wrongdoing” by the two.

CID chief A. Sivanarayana had said earlier in the day that the auditors had been detained for their connivance with the promoters. The detention was later converted into formal arrest. Gopalakrishna, Price Waterhouse’s chief relationship partner at Satyam, and Talluri, its engagement leader, are accused of issuing certificates for balance sheets and other financial statements prepared by the erstwhile Satyam management over the past eight years. The Satyam scandal had come to light when Raju claimed that the company’s balance sheets showed non-existent cash surplus and bloated profits.

India’s Enron unfolds - two Price Waterhouse partners were arrested today for alleged falsification of Satyam Computer Services audit reports
Prithiv Sinha
Satyam fiasco is looking more and more as the ‘Enron’ of America...
READ MORE>>

Karzai condemns killing of innocent Afghans by US forces – does he really mean it?
Babu Ghanta
Hamid Karzai, a close business associate of Bush family runs Afghanistan these days.
READ MORE>>

Carolyn Kennedy’s withdrawal from NY Senate seat marks end of son, daughter, spouse entitlement to American politics – Hillary Clinton should also resign
Tania Solanki
American political system is plagued with sons, daughters, spouses of established
READ MORE>>

Saudis plan to spend $1 billion to rebuild Gaza – how about influencing America to not let Israelis kill innocent Palestinian civilians and block their livelihood?
Nitish Bharadwaj
'Israel has to understand that the choice between war and peace will not always stay open...
READ MORE>>

If Obama were a man of honor, he would not have lived in Whitehouse built by slaves
Tania Solanki
A man’s honor lies with his self-respect and denial of injustice.
READ MORE>>

MORE ARTICLES >>