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World Bank imposes sanctions on Satyam

By Joe Leahy in Mumbai

Published: December 23 2008 20:18 | Last updated: December 23 2008 20:18

The World Bank has barred India’s Satyam Computer Services from doing business with it for eight years, in one of the most severe penalties by a client against a large Indian outsourcing company.

On Tuesday, the aid institution confirmed a report that said it had barred Satyam, India’s fourth-largest outsourcer by revenue, for providing “improper benefits to bank staff” in exchange for contracts and providing a “lack of documentation” on invoices.

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