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...fraud unraveled last December when Satyam announced the $1.6 billion acquisition of two affiliated construction companies, Maytas Infra and Maytas Properties, run by Raju's two sons. Raju claimed the acquisitions were a good diversification strategy, and announced they would go ahead without shareholder approval. Investigators say Raju actually wanted to buy the companies because they held many of the illicitly acquired properties; absorbing them into Satyam could have allowed Raju to cover up his misdeeds indefinitely. But many of Satyam's foreign stakeholders, who owned 47% of the Nasdaq-listed company, grew suspicious and angry over the deal...
Eleven months after B. Ramalinga Raju, the former chairman of Hyderabad-based Satyam Computer Services, confessed to masterminding a $1.2 billion fraud at Indias fourth largest I.T. outsourcing company, the dirt is still tumbling out. On Nov. 24, the country's Central Bureau of Investigation (CBI) released findings that show the alleged fraudulent accounting and embezzlement was far larger than originally thought. Raju and nine accomplices skimmed some $2.5 billion from the company, according to CBI investigators, funneling the money into a collection of assets and property that could make even a profligate Bollywood star blush...
...closer to 125%. When critics later complained that Dubai had no realistic plans for paying off its debts, al-Maktoum told them to "shut up." But on Thursday, as Dubai's government announced it was seeking a halt to its debt repayments ahead of a $4 billion bill due on Dec 14, spin was at a minimum. So many worried investors tried to join a conference call for bond holders of Nakheel, a property company owned by Dubai World, the lines collapsed...
...Stock-market indexes plummeted, the cost of insuring against a default by Dubai jumped and the dollar strengthened as investors rushed back into greenbacks. On Friday afternoon, stock markets made something of a recovery as analysts took a second look at what Dubai's proposed repayment halt means. Eighty billion dollars - Dubai's total liabilities - may sound like a lot of money but in the context of the past year, it's not huge. And while banks like HSBC and Barclays have billions in exposure to Dubai, they are also better capitalized than they were a year ago, and thus...
...February, oil-rich Abu Dhabi, home to the U.A.E.'s rulers, stepped in with $10 billion to prop up its ailing neighbor. Abu Dhabi could step in again, though next time it will probably demand a greater say in the way Dubai Inc. operates. (Read: "Abu Dhabi: An Oil Giant Dreams Green...