The Truth Behind Trutham
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The truth behind Trutham Satyam
Some facts… • Founded in 1987 by B.Ramalinga Raju. • offers IT services to various sectors in 67 countries across six continents. • listed on the New York Stock Exchange and Euronext. • serves over 654 global companies, 185 of which are Fortune 500 corporations.
09/15/09
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2
Some harder
facts…
• attempted to acquire Maytas Infrastructure and Maytas Properties founded by family relations for $1.6 billion though objected by independent directors. • Forced the Govt. to investigate and the panic caused the shareholders lose 3400 crore INR and the stock at the NYSE fell by 55%. 09/15/09
brainybetty.com
3
B/S as on 09/30/08 • Inflated (non-existent) cash and bank balances of Rs.5,040 crore (as against Rs. 5361 crore reflected in the books) • An accrued interest of Rs. 376 crore which is non-existent • An understated liability of Rs. 1,230 crore on account of funds arranged by Raju. • An over stated debtors position of Rs. 490 crore (as against Rs. 2651 [cr.] reflected in the books) 09/15/09
brainybetty.com
4
How was PwC involved? • ₤1 billion fraud for as long as 7 years. • a straightforward falsehood that the company's auditors might have detected had they run a rudimentary check
09/15/09
brainybetty.com
5
PwC is investigated by • SEBI • Indian government’s anticorruption office • ICAI
09/15/09
brainybetty.com
6
Some facts… • Founded in 1987 by B.Ramalinga Raju. • offers IT services to various sectors in 67 countries across six continents. • listed on the New York Stock Exchange and Euronext. • serves over 654 global companies, 185 of which are Fortune 500 corporations.
09/15/09
brainybetty.com
2
Some harder
facts…
• attempted to acquire Maytas Infrastructure and Maytas Properties founded by family relations for $1.6 billion though objected by independent directors. • Forced the Govt. to investigate and the panic caused the shareholders lose 3400 crore INR and the stock at the NYSE fell by 55%. 09/15/09
brainybetty.com
3
B/S as on 09/30/08 • Inflated (non-existent) cash and bank balances of Rs.5,040 crore (as against Rs. 5361 crore reflected in the books) • An accrued interest of Rs. 376 crore which is non-existent • An understated liability of Rs. 1,230 crore on account of funds arranged by Raju. • An over stated debtors position of Rs. 490 crore (as against Rs. 2651 [cr.] reflected in the books) 09/15/09
brainybetty.com
4
How was PwC involved? • ₤1 billion fraud for as long as 7 years. • a straightforward falsehood that the company's auditors might have detected had they run a rudimentary check
09/15/09
brainybetty.com
5
PwC is investigated by • SEBI • Indian government’s anticorruption office • ICAI
09/15/09
brainybetty.com
6
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