Satyam workers paid for January
Share
INDIA-- Employees at IT, research and analytics outsourcing firm Satyam have been paid for January and up to mid-February.
It was feared that workers would go without their salaries after former chairman B. Ramalinga Raju admitted to a massive $1bn accounting fraud last month, but the firm said this week it managed to meet the cost of wages through “internal accruals”.
Satyam has also secured $130m in financing to put towards working capital requirements and appointed a new CEO in the shape of AS Murthy, who was described as an “extraordinary executive” by board member Deepak Parekh.
Murthy said: “I have no misgivings about the enormity of the task in front of us, but I am confident Satyam can accomplish great things – now, and well into the future.”
Author: James Verrinder
Related links:
Satyam snaps up Caterpillar's MR division
