PwC says it is a ‘victim’ in Satyam case

PwC says it is a ‘victim’ in Satyam caseAuditor firm, Pricewaterhouse has said that it is actually a victim in the Satyam corporate scandal case instead of being a culprit for negligence of services.

The company responded to a new case by Mahindra Satyam against itself and former employees and directors that they had filed a separate case on January 7 linked ot the scandal. Mahindra Satyam has said that it is filing lawsuits against its former directors, employees and auditor Price Waterhouse seeking damages for involving the firm in the country’s biggest corporate scandal that was exposed in 2009.

Mahindra Satyam was earlier known as Satyam Computer Services and was founded by B Ramalinga Raju, who admitted in 2009 to allegations that the company manipulated its account books and inflated balance sheets. The company said on Monday that it has filed a suit in Hyderabad seeking damages for "inter-alia perpetrating fraud, breach of fiduciary responsibility, obligations and negligence in performance of duties".

Raju had taken the Indian business community and everyone else by surprise in 2009 when he revealed that the company’s profits had been overstated for years and that more than $1.5 billion worth of assets have been falsified.

Pricewaterhouse has said that the allegations in the lawsuit by Mahindra Satyam are baseless and said that it would fight vigorously against any charges of negligence of duties.