Satyam barred from World Bank business

23.12.2008
The World Bank has declared Indian outsourcer Satyam ineligible to receive direct contracts from the bank under its corporate procurement program for eight years.

Satyam has been declared ineligible because it provided improper benefits to bank staff and failed to maintain documentation to support fees charged for its subcontractors, the World Bank said Tuesday.

The decision was effective in September and came after a temporary suspension that took effect in February, the bank said.

The statement by the bank follows news reports that Satyam was involved in malicious attacks on the bank's information systems, and tries to set the record straight, according to sources close to the situation who requested anonymity.

There is no evidence that Satyam was involved in malicious attacks on the bank's information systems, the statement from the World Bank said.

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