Investor Presentaiton
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Satyam Computer, India
■ On December 16, 2008, the Satyam board "unanimously"
approves a US$1.6 billion acquisition of 51% of Maytas
Infrastructure and 100% of Maytas Properties-two companies.
whose senior executives were the sons of Satyam chairman and
founder, Ramalinga Raju.
■ That evening during a conference call, institutional investors told
Raju that they were implacably opposed to the deal. Satyam's
share price fell more than 50% overnight on Nasdaq.
On December 17, 2008, Raju reverses his decision.
By December 28, three independent directors resign from the
board as further discrepancies come to the surface.
■ On January 7, 2009, Raju resigns as chairman. He confesses in a
letter of resignation to defrauding the company of more than
US$1 billion over several years by doctoring the company's books.
He claimed to have been acting on his own.
ACGA Presentation
HKCCA, May 6, 2009
11
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