- fined, handed two year ban by regulator for alleged fraud
- NICIL says firm to commence work in Guyana shortly
Pricewaterhouse Coopers, the international audit firm selected by the coalition government to valuate Guyana Sugar Corporation (GUYSUCO) multi-billion dollar assets, has actually been banned from auditing listed companies in India due to its alleged involvement in fraud.
According to a report originating from international news agency Reuters, the company was handed the two year ban in January for allegedly overstating earnings and assets for Indian Software Company, Satyam Computer Services.
The report states that Pricewaterhouse was the audit firm at the time the more than $1B fraud occurred. It was founder of the company, Ramalinga Raju, who blew the whistle on the fraud in 2009, costing shareholders billions and shaking the industry.
