The Hindu : Business : Satyam joins issue with World Bank

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Friday, Dec 26, 2008
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Satyam joins issue with World Bank

A. Saye Sekhar

HYDERABAD: The embattled Satyam Computer Services joined issue with World Bank over the “eight-year ban” imposed on it demanding immediate revocation of the statements. In a strongly worded statement issued here on Christmas day, it sought an apology from the bank for the “harm done to the company.”

The company said: “Satyam Computer Services vigorously objects to certain inappropriate statements made by World Bank representatives reported recently in the press. Satyam formally requested on Thursday that the World Bank immediately withdraw those statements, that it issue a new statement apologising to Satyam for the harm done to the company due to the Bank’s actions, and that it provide Satyam with a full explanation of the circumstances related to the Bank’s inappropriate statements.

Satyam further advised the bank that the company would “evaluate all possible options in view of both the bank’s inappropriate public statements and its response to Satyam’s requests.”

Satyam usually does not comment publicly on matters involving “our customer relationships. However, the inaccuracy and inappropriateness of the World Bank’s public statements regarding Satyam has forced us to issue this brief statement in order to set the record straight.”

An international banker from New York, on condition of anonymity, says the propaganda is either to malign the company or to gain market share from it.

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