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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...
...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...
TIME: What is [former finance minister and now planning commission head] Trevor Manuel's new role in this new set-up? Is he, as some say, effectively a Prime Minister? Zuma: He is not a Prime Minister. He had the very specific task of helping me and the country to work out a national plan, to ask: where shall we be by this time? Where is the country going? His role is also to monitor and evaluate. The reason Trevor was appointed was because he had been minister of finance and had an understanding of the workings of all government...
...point. And what it is doing now - renewal - is a measure of how it is able to rise to the occasion. It's paying attention to its principles and values. It's talking about the renewal of the organization and how we have to do things differently. We cannot say after 15, 20 years that we cannot resolve our issues. This is about our capacity to adapt to new conditions, to analysts what are the new challenges. That's what the ANC is doing right now. We are just past the stage where we might have turned into something else...
...polls don't do it for you? Are you trying to create the democracy - the accountability and transparency - that the ANC's majority negates. Zuma: We're dealing with a party that is very strong and is loved by the people. The opposition might have many things to say but they are not very strong. They cannot challenge us successfully - we are too strong. And the problem is that such support and power can intoxicate the party and lead you into believing that you know it all. You take things for granted. So it's important to have a system...