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World Bank bans Satyam for 8 years over lax ethics, security

23 December 2008 Be the first to comment

Elton Cane

Digital product delivery

News Corp Australia

Fox News has been dogged in its pursuit of scandals going on at the World Bank, including the hacking cases we wrote about in October.

To add to Satyam's recent woes, they have now confirmed that Satyam has been banned from working for the World Bank for eight years, starting from September.

Apparently the punishment has been meted out for paying "improper benefits to bank staff" and "lack of documentation on invoices." But the fact that the Satyam-supervised computer network of the World Bank Group had reportedly been hacked repeatedly by outsiders for more than a year probably helped too.

This tops off a bad couple of weeks for the Indian IT service company, and will probably cause its share price to dip further.

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