satyamonline
WASHINGTON: Federal securities regulators settled charges against Satyam Computer Services and sanctioned its accountants, adding to the damage from a massive accounting fraud that prompted a takeover of the company by the Indian Government and criminal charges against its former executives.
The Securities and Exchange Commission (SEC) said Satyam will pay a US$10mil (RM32mil) penalty, improve employee training and hire outside consultants to settle allegations that it fraudulently overstated its revenue, income and cash balances by more than US$1bil (RM3.2bil) over five years.
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