World Bank has banned Satyam Computer Services for 8 years

World Bank has banned Satyam Computer Services for 8 years

Satyam Computer Services has more bad news for their investors.

The World Bank has confirmed reports that they have now placed a ban on the company for a period of eight years.

They would not give any kind of business to Satyam during this time period.

This ban has been said to be applied on the company for data theft charges. The reports also say that Satyam paid bribes to World Bank staff for business.

TR Prasad, independent director on the Satyam Board had this to say on the reports: “The World Bank had never complained or informed us… Satyam’s contract with the World Bank had come up for discussions in an earlier board meeting. We were told that as a matter of policy, the World Bank does not renew contracts with the same vendor for more than five years.”

World Bank spokesperson, Sudip Mazumder had this to say: “Yes, we have banned Satyam from doing business with us.”