PriceWaterhouse suspends Satyam-linked duo
PriceWaterhouse has suspended two of its employees for their alleged involvement in the fraud at Satyam Computer Services, the Indian arm of the global auditing firm said.business Updated: Jan 27, 2009 22:19 IST
PriceWaterhouse has suspended two of its employees for their alleged involvement in the fraud at Satyam Computer Services, the Indian arm of the global auditing firm said on Tuesday.
"In light of recent allegations, chief relationship partner S Gopalakrishnan and engagement leader Srinivas Talluri have been suspended, pending completion of investigations into the Satyam matter," the company said in a statement in Hyderabad.
PriceWaterhouse is the Indian arm of the US-based PricewaterhouseCoopers (PwC).
While the duo remains suspended, neither will play any part in client matters. They will also undertake no activities on behalf of the Indian arm.
"The two staffers have been advised to cooperate with the ongoing inquiries regarding Satyam. As investigations proceed, we will continue to evaluate the situation," the statement noted.
Gopalkrishnan and Talluri were arrested Jan 23 by the Crime Investigation Department (CID) of the Andhra Pradesh police for their alleged role in the Rs.70-billion (Rs.7,000/$1.43 billion) Satyam fraud under section 120b (criminal conspiracy) of the Indian Penal Code (IPC).
A city court Jan 24 remanded the two to judicial custody till Feb 6.
The CID Jan 13 raided the Hyderabad office of PriceWaterhouse and seized several documents and records relating to Satyam accounts.