Jan 09 2009
YSR speaks about CBN and Satyam relations
After Satyam RamaLinga Raju openly admitted that he had committed a huge corporate fraud of Rs. 8000 crore, it is the turn of the politicians to sling mud on each other holding the opponent responsible for the Satyam collapse. Satyam Software had ditched all its investors by revealing that the company had been showing false accounts for the past few years. This is the biggest corporate fraud in India and is also termed as Indian Enron, as this is on similar lines as the Enron scam in United States.
After this incident, opposition leader ChandraBabu alleged that the ruling party should be held responsible for not being able to detect such a huge fraud in the initial stages. He also alleged that the chief minister had the knowledge of the on going fraud and never bothered to contain it.
Chief Minister YSR responded to these allegations in a rather aggressive way. He said that, it is Chandra Babu Naidu, when he was in the Government who supported and encouraged Satyam Computers. He cited the incident when Bill Clinton, the then president of United States visited Andhra Pradesh. At that time, CBN introduced RamaLinga Raju to Bill and also made him sit besides Bill Clinton on the same stage. The Chief Minister went on saying that the state Government has nothing to do with the Satyam scam and alleged that RamaLinga Raju is a close associate to CBN.
Chief Minister also added that he will order a judicial probe into the entire scam and will also review the various state projects given to the sister companies if Satyam Computers.
