Raju’s letter is not the whole truth, says ICAI president

New Delhi: ICAI president Ved Jain today expressed doubts over the veracity of even the confessional letter written by Satyam Computer Services former Chairman B Ramalinga Raju. “I have not been able to understand as an accountant how this can be correct. This letter does not make out what he (Raju) is explaining. Rs 5,000 crore cannot be created over night, what his accountants were doing, there must be a chain of accountants,” Jain said. The letter written by Raju to the company’s board talked about inflated (non-existent) cash and bank balances of Rs 5,040 crore. “I believe this letter is not the whole truth, this is my perception there can be much more beyond this,” Jain said. “I am not ready to believe Raju's version that only he was involved. Many people would have been involved in the fraud. And if many people are involved, the fraud should have been detected, it is unfortunate that it was not detected,” Jain said.

Shock waves travel down under

Melbourne: The accounting fraud admitted to by the former Satyam chairman is likely to cast its shadow over the Australian companies’ plans to outsource IT jobs to India, according to a media report. Corporate Australia’s push to export IT jobs to India is in disarray following the fraud involving one of the key outsourcing companies,” Australian daily Herald Sun said. Telstra, Quantas, Coles National Australia Bank (NAB) and Suncorp are amongst the several Australian companies which has been affected by the Satyam scandal. According to the report, Satyam Australia employs about 1,700 local staff. Apart from Australian clients Satyam’s clientele include Citi Group and Nissan Motor Corp. The report states that NAB has outsourced nearly 500 positions to India after engaging Satyam and other providers over the past three years. Besides, Telstra also employs Satyam as one of its major IT contractors.The government is in talks with Satyam about saving jobs.

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