NY Post columnist suspended over extortion allegation

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NY Post columnist suspended over extortion allegation
December 18th, 2017 by iGGDBfCR

Tuesday, April 11, 2006

The New York Post has suspended gossip columnist Jared Paul Stern pending an FBI investigation into allegations that he tried to extort money from billionare Ron Burkle. Stern has denied the allegation.

Stern contributes to Page Six, the New York Posts gossip and celebrity news section. The allegation first appeared in the New York Daily News, the Post’s long-standing rival. The Daily News reported that, in a sting operation, Stern was videotaped asking Burkle for cash, in exchange for weeding out negative stories on Burkle.

The Post said that it is cooperating with the federal investigation.

2006 “Stolenwealth” Games to confront Commonwealth Games in Melbourne

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2006 “Stolenwealth” Games to confront Commonwealth Games in Melbourne
December 18th, 2017 by iGGDBfCR

Friday, March 3, 2006

The possibility of large-scale protests in the face of the 3,000 journalists covering the Melbourne 2006 Commonwealth Games, has event organisers and the Government worried.

The group “Black GST” – which represents Indigenous Genocide, Sovereignty and Treaty – are planning demonstrations at prominent Games events unless the Government agrees to a range of demands including an end to Aboriginal genocide, Aboriginal Sovereignty and the signing of a treaty.

The Black GST say they hope the focus of the world’s media will draw attention to the plight of indigenous Australians during the Games. Organisers say supporters are converging from across Australia and from overseas. Organisers say up to 20,000 people may take part in talks, rallies, colourful protests and many cultural festivities designed to pressure the Federal Government on Indigeneous rights issues. They want the Government to provide a temporary campsite for the supporters, saying “organised chaos was better than disorganised chaos.”

The 2006 Stolenwealth Games convergence, described by organisers as the “cultural festival of the 2006 Commonwealth Games,” was virtually opened on March 2nd with the launch of the official “Stolenwealth Games” website. Scoop Independent News and Perth Indymedia reported that the launch was held at Federation Square in Melbourne. The site contents were projected via wireless laptop by the Stolenwealth Games General Manager, and a tour of the website was given on the big screen. He said “overwhelming amusement was the response from the audience.” The group say permanent access points to the website are being set up at public internet facilities across Victoria during the coming weeks.

“Interest in the Stolenwealth Games is building all over the world and this fresh, exciting and contemporary site will draw in people from Stolenwealth Nations around the globe to find out about the latest news and events,” said a Stolenwealth Games spokesperson. “We have been getting many requests from around the world wanting to know about the Stolenwealth Games. We have provided many ways that individuals and organisations can support the campaign by spreading the word.”

The Victorian Traditional Owner Land Justice Group (VTOLJG) which represents the first nation groups of Victoria, has announced its support to boycott the 2006 Commonwealth Games until the Government “recognises Traditional Owner rights.” The group asserts that culture has been misappropriated in preparation for the Games.

Organisers of the campaign say they welcome the formal support from the Traditional Owners. “While some seek to divide and discredit Indigenous Australia, this support is further evidence that the Aboriginal people are united in opposition to the ongoing criminal genocide that is being perpetrated against the Aboriginal people” said Black GST supporter and Aboriginal Elder, Robbie Thorpe.

“We now have endorsement from the VTOLJG and the Aboriginal Tent Embassy for the aims and objectives of the Campaign and we are looking forward to hosting all indigenous and non-indigenous supporters from across Australia in March,” he said. The Black GST group have said “the convergence will be held as a peaceful, family-focussed demonstration against genocide, and for the restoration of sovereignty and the negotiations towards a Treaty.”

But the campaign has received flak in mainstream media, such as Melbourne’s Herald Sun, who wrote: “the proposal to allow BlackGST to set up an Aboriginal tent embassy at a site well away from the Commonwealth Games will be interpreted by some as the State Government caving in to a radical protest group. A major concern for the Government… is to protect the event from disruption… no chances should be taken…”

The Black GST has been planning the convergence for months, calling for Aboriginal people and their supporters to converge on Melbourne. The Melbourne-based Indigenous rights group have called on thousands of people concerned about the plight of indigenous Australians to converge on Melbourne during the Games, which they have dubbed “the Stolenwealth Games”. But the choice of Kings Domain has made conflict almost inevitable, as the area is one of the areas gazetted by the State Government as a “Games management zone”.

Under the Commonwealth Games Arrangements Act, any area gazetted as a management zone is subject to a range of specific laws – including bans on protesting, creating a disturbance and other activities. The protest bans will be in effect at different times and places, and offenders can be arrested. A spokeswoman for the Black GST, which advocates peaceful protest, said the site had been chosen because it was close to where the Queen will stay on March 15. “We figured that she is only in Melbourne for 27 hours or something like that so we thought we would make it easy for her to come next door and see us,” she said. “We are a very open, welcoming group, so she will be welcome to come and join us.”

Kings Domain is the burial site for 38 indigenous forefathers of Victoria. Black GST elder, Targan, said trade union groups have offered to install infrastructure at the site. The group initially worked with the State Government to find a suitable camp site, but the relationship broke down when the Government failed to meet a deadline imposed by the protesters. “While we are disappointed the ministers were not able to meet deadline on our request, we thank them for their constructive approach towards negotiations and the open-door policy exercised,” said Targan.

A spokesman for Games Minister Justin Madden said the Government was still investigating other sites. Victoria Police Games security commander Brendan Bannan said he was not convinced the Black GST represented the views of most indigenous people. “We are dealing with the Aboriginal community and they don’t seem to support it at all … the wider Aboriginal community don’t support disruption to the Games at all,” he said.

The Government was told that Black GST supporters would camp in Fitzroy Gardens and other city parks should it fail to nominate a site. A spokesman for Aboriginal Affairs Minister Gavan Jennings said the Government was taking the issue seriously, but had not been able to finalise a campsite before the deadline.

Under special Games laws, people protesting or causing a disturbance in “Games management zones” can be arrested and fined. While prominent public spaces such as Federation Square, Birrarung Marr, Albert Park and the Alexandra Gardens fall under the legislation, such tough anti-protest laws cannot be enforced in the nearby Fitzroy Gardens.

Games chairman Ron Walker has urged the group to choose another date for its protest march through the city, which is currently planned to coincide with the opening ceremony on March 15. The group believes that an opportunity to gain attention for indigenous issues was lost at the Sydney Olympics and has vowed to make a highly visible presence at the Games.

The Black GST said the Australian Aboriginal Tent Embassy’s sacred flame, burning over many years at the Canberra site will be carried to Melbourne before the Games, and its arrival would mark the opening of the protest camp from where a march will proceed to the MCG before the Opening Ceremony.

Black GST claims supporters from all over Australia, including three busloads from the West Australian Land Council, will gather in Melbourne during the Games for peaceful protests.

Aboriginal Affairs Minister Gavin Jennings had offered Victoria Park to the protesters. Victoria Park, former home of Collingwood Football Club, where one of the strongest statements of Aboriginal pride, when St Kilda star Nicky Winmar in 1993 raised his jumper and pointed to his bare chest after racial taunts from the Collingwood crowd.

Black GST, which has labelled the Games the Stolenwealth Games, said the State Government had failed to find a suitable venue. Black GST may encourage protesters to camp in prominent parks such as Fitzroy Gardens and Treasury Gardens. Graffiti supporting the action has also appeared in central Melbourne.

Melbourne City councillor Fraser Brindley has offered his home to the Black GST organisers. “I offered my home up to people who are organising visitors to come to the Games,” he said. Cr Brindley will be overseas when the Commonwealth Games are held and has offered the free accommodation at his flat at Parkville. He said he agreed with the protesters’ view that treaties needed to be signed with indigenous Australians. “I’m offering it up to the indigenous people who are coming to remind Her Majesty that her Empire took this land from them,” said Cr Brindlley. Nationals leader Peter Ryan said: “This extremist group has no part in the Australian community.” Melbourne councillor Peter Clarke said the actions were embarrassing and that he would try to discourage him. “It’s not in the spirit of the Games,” he said.

Aboriginal elder, Targan, said the possibility of securing Victoria Park was delightfully ironic. “There’s a lot of irony going on,” Targan, 53, a PhD student at Melbourne University, said. “GST stands for Genocide, Sovereignty and Treaty. We want the genocide of our people to stop; we want some sovereignty over traditional land, certainly how it is used, and we want a treaty with the government,” Targan said.

Wikinews interviews John Wolfe, Democratic Party presidential challenger to Barack Obama

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Wikinews interviews John Wolfe, Democratic Party presidential challenger to Barack Obama
December 18th, 2017 by iGGDBfCR

Sunday, May 20, 2012

U.S. Democratic Party presidential candidate John Wolfe, Jr. of Tennessee took some time to answer a few questions from Wikinews reporter William S. Saturn.

Wolfe, an attorney based out of Chattanooga, announced his intentions last year to challenge President Barack Obama in the Democratic Party presidential primaries. So far, he has appeared on the primary ballots in New Hampshire, Missouri, and Louisiana. In Louisiana, he had his strongest showing, winning 12 percent overall with over 15 percent in some congressional districts, qualifying him for Democratic National Convention delegates. However, because certain paperwork had not been filed, the party stripped Wolfe of the delegates. Wolfe says he will sue the party to receive them.

Wolfe will compete for additional delegates at the May 22 Arkansas primary and the May 29 Texas primary. He is the only challenger to Obama in Arkansas, where a May 10 Hendrix College poll of Democrats shows him with 38 percent support, just short of the 45 percent for Obama. Such an outing would top the margin of Texas prison inmate Keith Russell Judd, who finished 18 percent behind Obama with 41 percent in the West Virginia Democratic primary; the strongest showing yet against the incumbent president. Despite these prospects, the Democratic Party of Arkansas has already announced that if Wolfe wins any delegates in their primary, again, due to paperwork, the delegates will not be awarded. Wolfe will appear on the Texas ballot alongside Obama, activist Bob Ely, and historian Darcy Richardson, who ended his campaign last month.

Wolfe has previously run for U.S. Congress as the Democratic Party’s nominee. On his campaign website, he cites the influence “of the Pentagon, Wall Street, and corporations” on the Obama administration as a reason for his challenge, believing these negatively affect “loyal Americans, taxpayers and small businesses.” Wolfe calls for the usage of anti-trust laws to break up large banks, higher taxes on Wall Street, the creation of an “alternative federal reserve” to assist community banks, and the implementation of a single-payer health care system.

With Wikinews, Wolfe discusses his campaign, the presidency of Barack Obama, corporations, energy, the federal budget, immigration, and the nuclear situation in Iran among other issues.

Contents

  • 1 Campaign
  • 2 Challenging the incumbent
  • 3 Policy
  • 4 Related news
  • 5 Sources
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Free Dll Repair Tool Download For Microsoft Windows}

December 18th, 2017 by iGGDBfCR

Submitted by: Chris Carson

A Dynamic Link Library (DLL for short) is a file type that contains data and codes used to make programs work. If you open any software folder that you have on your computer, you will see different dll files. Despite their tiny size (usually a couple of kilobytes each), they do various important functions. Another good thing about these files is that they can keep disk space usage at a minimum and make your memory usage better. This makes Windows work faster and make programs load faster.

DLL files have to be protected and should never be deleted. There are two common ways why DLLS get broken. First is by accidentally deleting them. Usually, when you delete a DLL file, a pop-up dialog box appears which warns you that deleting the file will cause your computer to malfunction. Second, some DLL files work on multiple programs. So every time a DLL file is used, a dependency is created. Since it is possible for several different programs to use one DLL file, sometimes the file gets overwritten by the programs thus causing it to break.

When a DLL file gets broken, it can cause your computer to malfunction. You might constantly see pop ups appearing asking for a missing dll file, or you wont be able to open some software, which is a big hassle. If worst comes to worst, you will get the blue screen of death. This happens when the dll file thats missing has an .exe file extension, or in other words the file is essential for the proper working of your operating system.

A broken or missing DLL link file can give huge problems. However, there is no need to panic, even if you were to get the ominousblue screen of death. It is possible to fix missing or broken DLL files. However, fixing them can take up a lot of time. It might also be a challenge if you are not computer-savvy. Luckily, there are a lot of dll repair tool available for you to use and download. You wont even have to worry about paying because there are dll repair tool free download that is available online!

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The best thing about this program is that once you install it will do all the hard work for you. This is very useful if youre not a techie or if you simply dont have the time to go through the process of manually fixing your DLL links.

Another remarkable thing with this program is that it is a dll repair tool free download! Some people who arent tech-savvy call a computer technician for help. That means spending a lot of money because they charge quite a lot of money for labor and probably for the DLL files as well. With this program, you simply just go to the website, click download, and in a matter of minutes (or even less) you have your tool to repair your dll!

When you install this software, make sure that the DLL files you lost have the following file extentions: .dll, .sys., .exe., .font., and .drv because these are the only acceptable file extensions that can be repaired.

This is for computers who need a dll repair tool windows 7 compatible program, both for x32 and x64 versions. So make sure that your OS is Windows 7. For other computers that need a dll repair tool Microsoft compatible, this program may also work provided you use Windows 8, Vista, or XP.

Another benefit that you can get when you install this program is the added protection from viruses, malware, and malicious files because it manages and makes sure that your ActiveX is up to date and working. By providing you with the missing DLL links, this software can also speed up your Windows start up time. The following will also get optimized: Themes, Network Sharing, Windows Indexing, Offline Files, Remote Registry, LAN Manager Hosts, System Snapshots, Fast User Switching, and Windows Search. Even if youre not familiar with those options, just know that it will make a big difference when you start using your computer again.

dll repair tool reviews loved this program! Its very handy regardless if you have missing or broken DLL links. You will definitely love its other features since it speeds up your computer. If you want to see if you have problematic dll links (sometimes theyre not obvious) or just want a faster computer, then try it for yourself by starting your dll repair tool free download.

About the Author: Are you looking for more information regarding

dll repair tool

? Visit

dlltool.com/

today!

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Category:July 20, 2010

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Category:July 20, 2010
December 17th, 2017 by iGGDBfCR
? July 19, 2010
July 21, 2010 ?
July 20

Pages in category “July 20, 2010”

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Oldbury nuclear power station suffers fire

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Oldbury nuclear power station suffers fire
December 17th, 2017 by iGGDBfCR

Wednesday, May 30, 2007

Oldbury nuclear power station in South Gloucestershire, England caught fire today after overheating. No-one was injured in the blaze which is believed to have been an accident and was extuinguished within minutes by an automatic sprinkler system.

The fire took place on the non-nuclear side of the plant, in an electricity transformer, but prompted shutdown of the reactor for the foreseeable future in “accordance with standard procedure,” said Dan Gould, spokesman for the British Nuclear Group. He also stressed that there was no release of radiation. There were also reports of an explosion in the transformer.

The BBC reported that 12 fire trucks attended the scene of the fire, but ITV stated ten crews were involved and tvnz.co.uk quoted a spokesman for Avon Fire and Rescue as saying that ten trucks were sent.

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Kinds Of Excuses In Fake Doctors Notes}

December 17th, 2017 by iGGDBfCR

Submitted by: Dr. E.Z. Streat

There are all kinds of excuses used in Fake Doctors Notes. Whether you are designing your own excuse slip or shopping for one, it is important that you select the best excuse that will work for you. This page gives you some idea of what options are available.

Why cant you use just any Fake Doctors Notes? Because not all the kinds of excuses there are may fit your case. If you are not known for a love of sports, it might not be so convincing if you told your boss you got injured in a soccer match. But if your family has a history of kidney problems and your colleagues know about it, it would seem more credible if you called in sick due to a kidney stone. So you should always choose wisely the kinds of excuses for your Fake Doctors Notes.

Here is a list of excuse slips. Note that general excuses need only general Fake Doctors Notes, but specialty excuses require more specific, custom-made excuse slips. For instance, a jury duty note has to look like a real jury duty notice and not a fake doctors note.

Basic Sickness Excuse. – Simple, general excuses like a sick child, diabetes, etc. will generally need only basic excuse slip.

Dentist Excuse. – Be careful with using Fake Doctors Notes based on going to the dentist. For regular checkups, dentists only require two visits a year at most. Outside of this, you will want oral surgery, gum disease or other excuse.

Ear, Nose and Throat Excuse. – Everyone knows what ENT is. If you are just feeling lazy and want to skip work or school, you can use Fake Doctors Notes and let them know you have an ear infection or something. Ear infection is a good excuse since they tend to persist for several months.

Emergency Room Excuse. – What do you do if you didnt show up at work without giving an excuse first? Tell them you suddenly got sick and wound up in the emergency room. This is great for those unplanned absences.

Funeral Excuse. – There is not much a boss could object to if its the death of a loved one. While not Fake Doctors Notes, it serves the same end. Be careful with using this excuse though.

Gynecologist Excuse. – Sometimes it really helps to be a woman. You can cite all kinds of feminine health problems in your Fake Doctors Notes.

Jury Duty Excuse. – A jury duty excuse note is great for extended leaves.

Psychologist Excuse. – Is your marriage on the rocks? Do you look like someone on the verge of a nervous breakdown? Are you the mad artist type? Use it to your advantage. Fake Doctors Notes can be used for feigning psychological and mental problems like depression, anxiety, marriage counseling, etc.

Surgery Excuse. – Surgery excuses are good if you want to go on leave for longer periods. You can say you are going to have heart examination or surgery, if this runs in your family. To help you do this confidently, there are specialized Fake Doctors Notes complete with all the details like bar codes to make it look real.

About the Author: Emmitt Streat is a writer and an entrepreneur. To learn more about

fake doctors notes

, feel free to visit his website at

bestfakedoctornotes.com

.

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Celebrity plastic surgeon Dr. Frank Ryan dies in car accident aged 50

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Celebrity plastic surgeon Dr. Frank Ryan dies in car accident aged 50
December 17th, 2017 by iGGDBfCR

Tuesday, August 17, 2010

Plastic surgeon to the stars Dr. Frank Ryan has died in a car accident at age 50. It is reported that the Jeep Ryan was driving crashed over the side of the Pacific Coast Highway and landed on rocks. Lifeguards were first on the scene and unsuccessfully tried to rescue Ryan. It is thought that no other vehicle was involved in the incident.

Dr. Ryan, a celebrity in his own right, performed plastic surgery on several stars including Janice Dickinson, Gene Simmons, Shauna Sand and Adrianne Curry. He appeared on several television shows and became one of the first people to perform plastic surgery on television in 1995.

A representative for Janice Dickinson released a statement about the death of Ryan. She said “Janice is deeply, deeply anguished! She is stunned and wants the world to know what a genius Dr. Ryan was.”

Ryan was traveling with his pet dog at the time of the crash; the dog was found seriously injured in the ocean and was transported to a local veterinarian. Dr. Ryan was pronounced dead at the scene.

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Canada to legalise marijuana to ‘make it more difficult for kids to access’

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Canada to legalise marijuana to ‘make it more difficult for kids to access’
December 16th, 2017 by iGGDBfCR

Sunday, April 16, 2017

In order to put the cannabis drug (marijuana) out of reach of minors, the Canadian federal government announced a bill to legalise cannabis for the age group of eighteen and above, on Thursday. The bill would allow adults to possess cannabis publicly, previously a criminal offence.

Canada’s health minister Jane Philpott tweeted, “Today we tabled new legislation to legalise, strictly regulate, and restrict access to cannabis. Our goal: keep it out of the hands of youth, and profits out of the hands of criminals.” ((fr)) French language: Ajd nous avons déposé un nouveau projet de loi pour légaliser le cannabis, le réglementer de manière stricte et en restreindre l’accès. Notre objectif: garder le cannabis hors de la portée des jeunes, & les profits hors des mains des criminels. The Canadian government, via their official website, explained cannabis is available illegally, and their measures to stop it did not work. Criminal organisations are making money selling cannabis. Under-aged people can obtain the drug easily; they said, “it is easier for our kids to buy cannabis than cigarettes.”

The bill allows provinces and territories to set the age limit above eighteen. In order to prevent criminal gangs from making a profit, selling the drug needs a license permitting its sale. Adults can purchase the drug online from a licensed producer if a retail shop is not available in the province.

Adults can carry up to 30 g (slightly over an ounce) of cannabis and grow at most four cannabis plants at home, for personal use. The plants should be no taller than a metre, the bill proposed. Selling cannabis to minors would be a specific criminal offence.

The legislation requires parliamentary approval and royal assent. If passed, the bill would be under effect by July 2018, the government said. Health and safety experts and law enforcement were consulted before proposing the legislation. Except for medical purposes, possession of the drug remains illegal until the bill is passed. Regardless of the status of the bill, import and export of the drug would be illegal.

Previously when the government increased the taxes on cigarettes to discourage citizens from smoking, a black market for cigarettes developed.

Along with legalising cannabis, the bill would also permit the police officials to use tools like oral fluid drug screeners to detect if drivers are under the influence of the drug. Zero tolerance against drivers under influence of drugs is proposed. The government would also implement a public awareness campaign on the perils of driving under the influence of drugs.

The government still working on the restrictions. Lawmaker and former police chief Bill Blair said, “We do accept that more important work remains to be done.” If the bill is passed, Canada would be the second country to legalise cannabis completely. Uruguay is the first. Some countries, such as Germany, allow medical use of cannabis, but recreational use is prohibited.

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Former Satyam CEO Raju, his brother and CFO arrested and detained in profit-fraud scandal

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Former Satyam CEO Raju, his brother and CFO arrested and detained in profit-fraud scandal
December 16th, 2017 by iGGDBfCR

Monday, January 12, 2009

Byrraju Ramalinga Raju, founder and chairman of Satyam Computer Services, and his brother, B. Rama Raju, the company’s managing director, were arrested late Friday by Andhra Pradesh police. The brothers were placed under judicial custody in a Hyderabad, India jail and will remain there until January 23. Facing charges of criminal breach of trust (Section 406 of IPC), criminal conspiracy (Section 120-B), cheating (Section 420), falsification of records and forgery (Section 468), and fraudulent cancellation of securities (Section 477-a), they face up to ten years imprisonment if convicted.

After 18 hours of interrogation by the Crime Investigation Department (CID) at the state police headquarters, the Raju brothers were sent to the Chanchalguda prison and slept Saturday night on the floor along with 26 other low-risk inmates.

S. Bharat Kumar, the Rajus’s lawyer, asked the magistrate to issue orders for health monitoring. “His blood pressure is fluctuating and he needs medical treatment,” said Bharat Kumar. Mr. Raju appeared before the court Saturday while a team of doctors visited him after he had complained of chest pain.

Raju has Hepatitis-C, and both brothers have high blood pressure, so health precautions are necessary while imprisoned. Prison rules mandate service of jail food thrice a day. The menu includes 650 gm of rice thrice a day with 250 gm of vegetable curry and 125 gm of ‘daal’ plus tea twice a day.

Satyam’s chief financial officer Vadlamani Srinivas, who was also arrested Saturday, had undergone preliminary investigation and appeared Sunday before a special court, according to A. Sivanarayana, Andhra Pradesh additional director general of police. Srinivas was remanded to judicial custody until January 23 by Mr. D. Ramakrishna, Sixth Chief Metropolitan Magistrate, and sent to the Chanchalguda jail with the Raju brothers after interrogation by CID’s Crime Branch (the CB-CID). During his Saturday night arrest and probe by CB-CID, Srinivas made revelations which are contained in his confession letter as submitted to Network 18. “According to me fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management,” Srinivas stated.

The Hyderabad court on Monday postponed the bail hearings of the Raju brothers and Srinivas to January 16. To be defended by a battalion of 25 lawyers, the three accused will remain in Chanchalguda Central Jail until further court order. The Raju brothers were shifted Sunday to a mid-size Old Hospital Barrack cell shared with a bootlegger.

Contents

  • 1 The offences
  • 2 About Satyam Computer Services
  • 3 Impact on Satyam Computer Services finances and reactions
  • 4 Related news
  • 5 Sources

In 2008, the company struggled to purchase two infrastructure companies founded by family members of company founder and CEO Dr. Raju – Maytas Infrastructure and Maytas Properties – for $1.6 billion, despite concerns raised by independent board directors. Dr. Raju tendered his resignation on January 7 after due notice of falsified accounts to board members and the SEBI.

Since January 7 when two lawsuits were commenced, dozens of other class action law suits were filed against Satyam for hundreds of millions of dollars damages based on fraud in the United States District Court for the Southern District of New York in Manhattan, among others. The securities fraud class-action lawsuits have been filed on behalf of investors who bought Satyam American Depositary Receipts (ADRs) since 2004.

On Wednesday Dr. Raju admitted to falsifying and overstating Satyam’s cash reserves by $1B US dollars (£661m) or 94% of its cash and bank balances on books at the end of September.

The fraud was perpetrated several years ago to bridge “a marginal gap” between actual and accounting books operating profits, and continued for several years. “It was like riding a tiger, not knowing how to get off without being eaten,” B. Raju said.

In a letter to the board, Dr. Raju said that neither he nor the managing director had benefited financially from the inflated revenues. Further claiming that none of the board members had any knowledge of the dire company situation, he noted that Satyam’s balance sheet as of the September 30, 2008, carried inflated figures for cash and bank balances of INR 5,040 crore (as against INR 5,361 crore reflected in the books). He alleged it also carried an accrued interest of INR 376 crore which was non-existent. He confessed that he himself prepared an understated liability of INR 1,230 crore on account of funds amid an overstated debtors’ position of INR 490 crore (as against INR 2,651 crore in the books).

Indian analysts have compared the Satyam-Raju scandal to the infamous American Enron scandal. Immediately following the media expose, PricewaterhouseCoopers, auditor of Satyam’s accounts, was set to be probed for complicity in the controversy. Times Now has reported that the Andhra Pradesh CID arrested PricewaterhouseCoopers (PWC) representative Gopal Krishnan for investigation on Saturday night.

New York-listed Satyam Computer Services Ltd., India’s fourth-biggest software firm, is a consulting and information technology services company based in Hyderabad, India. Founded in 1987 by Dr. Byrraju Ramalinga Raju, Satyam’s network spans 67 countries on six continents. It employs 53,000 professionals in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. Its monthly salary outflow is estimated at six billion rupees ($125 million). Deriving more than half of its revenues from the United States, it serves 700 global companies, 185 of which are Fortune 500 corporations.

Satyam’s clients include Nestle, Ford, General Electric Co., General Motors Corp., Nissan Motor Co., Applied Materials Inc., Caterpillar Inc., Cisco Systems Inc. and Sony Corp., and brought in about $40bn last year.

In December 2008, a failed acquisition attempt involving the company Maytas led to a plunge in Satyam’s share price. After Wednesday’s confession, Satyam stocks fell further by more than 70%, while the BSE SENSEX dropped to 7.3% Wednesday, causing the removal of Satyam Computer Services from its indices on Thursday. The shares free fell to 11.50 rupees on Friday, their lowest level since March 1998, compared with around last year’s high of 544 rupees.

The New York Stock Exchange has terminated trading in Satyam stock as of January 7, while the National Stock Exchange of India said it will remove Satyam from its S&P CNX Nifty 50-share index from January 12.

India’s biggest-ever corporate fraud has seriously tainted India Inc.‘s strong corporate governance image. “The admission of fraud in financial affairs has created an adverse impression in the minds of trade, business and industry across the world,” the Indian government admitted. The government intervened on Friday night, dismissing Satyam’s board of directors, announcing it will appoint representatives to manage the affairs of the insolvent outsourcing giant. The board would meet within seven days. Dr Yeduguri Samuel Rajasekhara Reddy, chief Minister of State of Andhra Pradesh, India, on Sunday said that the main agenda is to protect the jobs of the software professionals. “We are taking all needful steps in coordination with the government of India to ensure that the jobs of 53,000 engineers are protected and the shareholders’ money is salvaged,” Reddy said.

“We are working on the names. The Satyam case is an aberration. The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this.” Prem Chand Gupta, the Corporate Affairs Minister said. The Federal Government of India appointed a three-member independent board with full authority for Satyam on Sunday and was set to convene within 24 hours. “We have appointed Deepak Parekh, chairman of Housing Development Finance Corporation, Kiran Karnik, former president of IT industry body NASSCOM and C. Achutan, former member of Securities and Exchange Board (SEBI) of India,” Mr. Gupta said.

In early Monday trading (0535 GMT) after the creation of the three-member board, Satyam shares rocketed upwards 60% to 38.15 rupees, even though the main Mumbai market was down more than 2%. BBC reported that Satyam shares have jumped 51% to 36.05 rupees on Monday after the stock lost 87% last week. “The constitution of the new board is seen as a positive step by the market. It’s a confidence boosting measure,” K.K. Mital, Globe Capital, New Delhi head of portfolio management services said. “But the rally will depend largely on the financial situation at the company and the kind of measures that are taken to improve liquidity,” he added.

The Company Law Board, however, has requested Satyam’s interim board not to implement its decisions. “We are asked by the Company Law Board not to implement the decisions of the board. But we are allowed to continue our activity. The team which was constituted recently is continuing its work,” Satyam head global marketing and communications, Mr. Hari Thalapalli, said.

Lazard Ltd., who has a 7.4% stake in Satyam, sought representation on the new board and wrote as much to The Indian Ministry of Corporate Affairs. “As the largest shareholder in the company, we want to be consulted in whatever decisions are being taken by the Indian government. We have written to the Ministry of Corporate Affairs and are awaiting a reply from them,” Hitesh Jain, a partner at ALMT Legal, who claimed to represent Lazard, said. “It is a fair proposal and we will take a decision as and when we clear other issues. No decision on this has been taken yet,” P.C. Gupta replied.

Meanwhile, the Securities and Exchange Board of India (SEBI) also announced it will try to control the damage and take steps to boost investor confidence. “This exercise will be undertaken after the third quarter results and is expected to be completed by end of February this year,” a SEBI official statement said. A SEBI team is also investigating acting-CEO Ram Mynampati whose salary was greater than that of founder Dr. Raju and all the directors combined. Dr. Raju had just one fifth of Mynampati’s total package of over Rs 3.5 crore as of March 2008. All the directors comparably received only a total of Rs 2.6 crore as salary, commissions, sitting fees, professional fees and other receivables.

Further, the Andhra Pradesh Police CID and teams assigned by the Economic Offences Wing of the CB-CID conducted searches Sunday of homes of the accused including the ex-CFO’s office to gather documentary evidence about the financial fraud.

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