It was not only investors who were hoodwinked by B. Ramalinga Raju, the former chairman of Satyam Computer Services. Just over a year ago the self-confessed fraudster collected the prestigious Ernst & Young India Entrepreneur of the Year gong. At the awards ceremony Rajiv Memani, country head for E&Y, saluted Satyam’s “transformational vision and leadership” while K.V. Kamath, a corporate titan, added that Mr Raju had “used the spirit of entrepreneurship . . . to meet and exceed analyst expectations”.
While the fraud revelations sorely embarrass corporate India, it is institutional investors who are nursing heavy losses. Top of the list is Aberdeen Asset Management, whose Asian unit liquidated its 9 per cent Satyam holding following Mr Raju’s confession last week.
No comments:
Post a Comment