This “Asset Search News Roundup” discusses a letter rogatory from Italian prosecutors and the recent U.S. fines issued in the case involving India’s Satyam Computer Services.
- A letter rogatory filed April 1st in federal court by the U.S. Attorney, reveals that Italian prosecutors are investigating the Delaware office of a company called “BACKER & MCKENZIE”. The letter rogatory seems to examine whether two residents of Brescia, Italy, might have fraudulently conveyed the proceeds of a phony invoicing scheme into a “BACKER & MCKENZIE” Swiss financial account.
- Satyam Computer Services Ltd. has agreed to pay the SEC a $10 million dollar fine to settle U.S. charges arising from a suspected securities and accounting fraud case. Satyam’s $10 million dollar fine is memorialized by the attached Consent and Undertaking, dated March 31, 2011. Satyam’s former auditors, PricewaterhouseCoopers of India will similarly pay a $6 million fine to the SEC and another $1.5 million fine to the Public Company Accounting Oversight Board. These fines are respectively mentioned by two administrative decisions:
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Copyright 2011 Fred L. Abrams