authorities have transformed Satyam into a new company with new management, directors and investors and state-of-the art controls, resulted in criminal charges against seven former executives and given harmed shareholders the chance to recoup losses,” said Robert Khuzami, Director of the SEC’s Division of Enforcement.
#FAKE BANK STATEMENT INDIA PROFESSIONAL#
In a related settlement, the SEC sanctioned Satyam’s former independent auditors for violations of federal securities laws and improper professional conduct while auditing the company’s financial statements from 2005 through January 2009. Satyam also agreed to hire an independent consultant to evaluate the internal controls the company is putting in place.
In addition to the actions taken by the India authorities, Satyam, whose new leadership cooperated with the SEC’s investigation, has agreed to pay a $10 million penalty to settle the SEC’s charges, require specific training of officers and employees concerning securities laws and accounting principles, and improve its internal audit functions. In addition, India authorities filed criminal charges against several former officials. According to the SEC’s complaint, shortly after the fraud came to light in January 2009, the India government seized control of the company by dissolving Satyam’s board of directors and appointing new government-nominated directors removed former top managers of the company and oversaw a bidding process to select a new controlling shareholder in Satyam.
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