It is . Typically, we rely on corporate governance, audit and legal consequences. When management has the wrong incentives, we need other mechanisms to hold those incentives in check. Second, public pressure for reform, as well as following regulatory action, has altered the corporate governance landscape. The aggressiveness of investment banks, commercial banks,. Even if outside directors were unaware of the true state of Satyams finances, some red flags should have been obvious. What evidence sources were available for use at trail. Unfortunately, it appears that several of the mechanisms we rely upon today have not gone far enough. ESOPs issued to those who prepared fake bills. My continued concern and preoccupation with the evolving situation are impacting my role as dean of ISB at a critical time for the school. Nearly $1.04 billion in bank loans and cash that the company claimed to own was non-existent. It will also help them to . Describing Satyams disclosures as unfortunate, the letter added that Nayar would reaffirm our commitment that we [will] focus on creating value for our customers with the same passion that we have demonstrated in the past while maintaining the highestethical and governance standards., Mauro Guillen, a Wharton management professor who has studied corporate governance in emerging economies, believes that Indian business has an advantage in arguing that the problem is limited to Satyam and is not systemic. The aborted Maytas acquisition was the last attempt to fill the fictitious assets with real ones.. Rajeev Chandrasekhar, president of the Federation of Indian Chambers of Commerce and Industry, called upon regulators to move quickly to demonstrate that this is an exceptional case among corporations, and that investors need not worry about Indian corporate governance and accounting standards. Suresh Surana, founder of RSM Astute Consulting Group, said in a statement that the Satyam development is a major eye opener and will bring into renewed and critical focus the role of independent directors, auditors, company management, [the] CFO and other key persons involved., When you have companies that are ostensibly growing their top lines at 30%, 40% or 50%, it is possible to paper over things, Singh says. This week marks the one-year anniversary of India's largest corporate governance scandal in recent yearsthe fraud at Satyam Computer Services Ltd. Last January, Satyam founder B. Ramalinga Raju confessed to overstating his company's profits for several years and creating a fictitious cash balance of more than $1 billion. The swindle was discovered in late 2008 when the Hyderabad property market collapsed, leaving a . Once the plaintiff discovers the deception, he must take all reasonable means to reduce his damage. Satyam also underreported liabilities on its balance sheet. Deceptive reporting practices, lack of transparency. Investors always balance risks and rewards. It means carrying the business as per the stakeholders' desires. The most significant questions, however, will be asked about corporate governance in India, and whether other companies could follow Satyams Raju in revealing skeletons in their own closets. December 23 2008: Satyam barred from . This provision may apply to any conduct that is done to deceive or defraud someone by using unfair means in order to cause unlawful loss or gain to the one who is deceived. v. HSBC PI Holdings (Mauritius) Limited and Ors (2020) that Section 17 of the Indian Contract Act, 1872 only applies if the contract is secured by fraud or deception. However, there is a distinction to be made between obtaining a contract by fraud and having a contracts performance (which is entirely legitimate) vitiated by fraud or deceit. Fraud has been defined under Section 17 of the Indian Contract Act, 1872 to include any false representation of a material fact related to the contract whether by words or conduct, bogus or misleading allegations, or non-disclosure of what should have been disclosed that is intended to deceive and deceives the other in such a way that the person acting on such misrepresentation acts to his or her own detriment. Fraud may affect any organization, no matter how big or minor it is. 1 crore (about $200,000) from Satyam in 2007, according to regulatory filings, most of it for rendering professional services. He declined comment, but those services were essentially leadership development and consulting for Satyams top management, according to Archana Muthappa, the companys head of media relations. At the end of the day, the actions at Satyam were perpetrated by one or two individuals who simply may not have realized that the small distortions they created in the past would lead to massive problems today. For starters, forensic accounting skills have become more important in breaking down the complex accounting manoeuvres that have disguised financial statement crimes. Civil and criminal lawsuit suits are still pending in India, while civil litigation is also pending in the United States. The formal and informal corporate governance rules are usually found in every company's legal, institutional, and regulatory framework. A little over two months after banning two audit managers from its India network, the Institute of Chartered Accountants of India (ICAI) has banned one of the firm's top audit partner Srinivas Talluri for life, while imposing its maximum financial penalty on him. Finally, the Satyam crisis was exacerbated by the ownership structure of Indian corporations. ' says Aron. The Satyam scandal was a shock to the market, particularly to Satyam investors, and it was also responsible for harming India's reputation in the global market. Mr. Raju is now in jail but that's little comfort to Satyam shareholders, some of whom are sitting on losses of more than 80% over the past three years, even as the broad stock market is up more than 30% over this period. It was alleged that Raju and his brother, Mr. B. Rama Raju, the Managing Director, disguised the lie from the companys board, top management, and auditors. Professor Sudhakar (Sid) V. Balachandran teaches accounting at the Columbia Business School, where he is the faculty director of the executive programs Finance & Accounting for Non-Financial Executives and Essentials of Financial Management.. When a party has a fiduciary relationship with another, the former is obligated to operate in good faith and honesty in their dealings with the latter and to evaluate such transactions with greater diligence and caution than is normally required. If one or two of them dont make the grade, it should not shake investor confidence. It should be remembered that every charge of fraud must be precise, and fraud of any sort, other than the one alleged cannot be proven. Stakeholder group 1 (Describe the stakeholder and how they were impacted by the scandal): Stakeholder group 2 (Describe the stakeholder and how they were impacted by . This is a real tragedy; the people who will be left holding the bag will be the shareholders.. Simply put, white collar crime cannot be viewed as less of an evil than any other form of crime. This company specializes in information engineering, concern services, computing machine package, and is a taking outsourcing company in India. History. All types of scams have demonstrated the importance of excellent behaviour based on strong ethics. Given that, its easy to rationalize that while were just a little short on the numbers now, we will make it up in the future, and nobody will know. Dont assume other firms are guilty, he says. This research is a pure doctrinal research. The scam highlighted several . Satyams auditor PricewaterhouseCoopers issued a terse statement: Over the last two days, there have been media reports with regard to alleged irregularities in the accounts of Satyam. Satyam Computers Services Limited ("SCSL") was under the microscope for fraudulent activity and misrepresentation of its accounts to its board, stock exchanges, regulators, investors and all other stakeholders. The following are the essentials of fraud: Fraud is established when it is demonstrated that a false representation was made; As a result, the core of fraud is willful deception, which is dealt with in the first three clauses of Section 17. In a written response to Knowledge at Wharton, Palepu, Satyams former non-executive director, stated that he was not present at the board meetings where the Maytas investment proposals were discussed. . Shareholder activism is an effective way to keep a firm and its management in check. Fraudulent financial reporting can have significant consequences for the organization and its stakeholders, as well as for public confidence in the capital markets. The corporation had significant expansion in the 1990s. . Useem also warns against overreacting. A week after Satyam founder B Ramalinga Raju's scandalous confession, Satyam's auditors Price Waterhouse finally admitted that its audit report was wrong as it was based on wrong financial statements provided by the Satyam's management. Satyams clients reported a lack of faith in the company and reassessed their contracts, opting to deal with other rivals instead. Rao had chaired both December 16 board meetings. Some of the other directors who resigned have cited difficulties in attending frequent board meetings. Jan. 6, 2010 12:01 am ET. Satyams CEO, Ramalingam Raju, took responsibility for broad accounting improprieties that overstated the companys revenues and profits and reported a cash holding of approximately $1.04 billion that simply did not exist. Satyam Fraud Case Study - Final University University of Karachi Course Business Management (MD-317) Academic year:2018/2019 Uploaded byAiza Ghani Helpful? When the parties are not on the same level, the law establishes an adequate presumption of deception. It was one of India's five top IT companies, and focused on the enterprise segment. But he considers the situation to be an alerting call for investors to check where their money is, and for auditors and independent directors in all major firms to take a look at the books. 2 Satyam Computer Services - a company based in India (now known as Mahindra Satyam). Given that my term with ISB anyway ends in a few months, I think that this is an appropriate time for me to step down., Resigning as Satyams chairman and CEO, Raju said in a letter addressed to his board, the stock exchanges and the market regulator Securities & Exchange Board of India (SEBI) that Satyams profits were inflated over several years to unmanageable proportions and that it was forced to carry more assets and resources than its real operations justified. The reality is, at the end of the day, even as an audit committee member or as an independent director, I would have to rely on what the management was presenting to me, he says, drawing upon his experience as an independent director and audit committee member at Fedders, a publicly held company in the U.S. that filed for bankruptcy last year. Satyam always wanted to keep up with the Big Three of Indian IT companies TCS, Infosys and Wipro, he notes. These include outsider representation on the board, boards that arent too large, boards that meet often, etc. Satyam continued to add feathers to its cap by becoming the first company in the world to start a Customer-Oriented Global Organisation training program in May 2000, signing contracts with a slew of international players including Microsoft, Emirates, TRW, i2 Technologies, and Ford, claiming the honour of being the first ISO 9001:2001 company in the world certified by BVQI, and establishing a global presence by opening offices in Singapore, Duba, and Dubai. The outrage over Rajus admission of systematic accounting fraud has broadened to wider concern about the potential damage to Indias appeal for foreign investors and the IT services industry in particular. Raju claimed that he overstated assets on Satyam's balance sheet by $1.47 billion. TOPIC: Research Proposal on Conduct an Ethical Analysis of Satyam Scandal Assignment. 4 Pages | 2001 Words. Recent corporate accounting scams and scandals, as well as the ensuing clamour for openness and honesty in reporting, have undoubtedly resulted in two dissimilar but natural conclusions. Thus the alleged contributors to the Satyam fraud owe the burden of compensating the frauds victims. None of the Satyams independent board members (including the dean of the Indian School of Business, a Harvard Business School professor, and a former Intel star), the institutional investor community, the SEBI, retail investors, or the external auditor, including professional investors with detailed information and models at their disposal, detected the wrongdoing. stakeholders' reliance has taken a paradigm shift from financial reports to non-financial . During that time, the firm grew at a compound annual growth rate of 38 percent. SEBI and Indias registrar of companies have launched an investigation into Satyam. All rights reserved. It gets out of control. Scandals ranging from Enron to the present financial crisis have repeatedly demonstrated the need for ethical behaviour based on solid ethics. Meanwhile, a team of auditors from the Securities and Exchange Board of India (SEBI), which regulates Indian public companies, has begun an investigation into the fraud. So, apart from its shareholders' expectations, they are expected to behave in a manner that inspires confidence from the employees and other stakeholders. It needs more than passive concealing and necessitates an overt act of concealment. The inquiry that followed the frauds discovery resulted in charges being filed against numerous separate groups of persons connected to Satyam. You can click on this link and join: Follow us onInstagramand subscribe to ourYouTubechannel for more amazing legal content. The bungled deal gave the appearance to investors that the Board of Directors was not actively monitoring Satyam. He was released from prison in 2011. At the Columbia Business School, we teach a course called Performance Measurement in which we study some of the dynamics that lead to this type of accounting scandal. In an effort to compete against Satyam, HCL recently acquired Axon, an SAP consulting firm, at a cost of $800 million. Scandal at Satyam: Truth, Lies and Corporate Governance January 9, 2009 18 min read. Board members must understand the gravity of the trust placed in them, and they must be proactive and vigilant in safeguarding the interests of owners. 60 Comments Please sign inor registerto post comments. Mr. Raju fabricated bank accounts in order to inflate the balance sheet with fictitious funds. In a letter to the ISB community, he explained: Unfortunately, yesterdays shocking revelations, of which I had absolutely no prior knowledge, mean that we are far from seeing the end of the controversy surrounding Satyam Computers. In his letter to his board, Satyams Raju shows the markers of this pathology. 2023 Knowledge at Wharton. The study aim and examines the effect of Satyam scandal over the job of independent directors in corporate administration. Mr. Ramalinga Raju established the firm in Hyderabad in 1987. According to Aron, Satyam is one of the worlds largest implementers of SAP systems. One party promises the other something that he or she is certain he or she will not be able to accomplish within the contractual period. As a result, the person who has been deceived has the choice of either cancelling the contract or insisting that it be fulfilled in order to put him in the situation he would have been in if the deception had been accurate. Palepu earned nearly Rs. This leads one to ask a simple question: How does this keep happening? Over the phone, Gopalkrishnan informed Rao that the claims were false and that he would get a full response in a projected presentation before the audit committee on December 29. Satyams unexpected collapse sparked a debate over the Chief Executive Officers (CEO) role in propelling a firm to new heights of success, as well as the CEOs relationship with the Board of Directors and the formation of key committees. Further, there was a considerable reduction in Mr. Rajus shares considerably which added to the claims made in the email thereby disclosing the internal fraud that was taking place in the company. The Satyam Computer Services scandal was India's largest corporate fraud until 2010. Chaudhuris advice to other Indian IT firms is to distance themselves from the Satyam fallout through prompt action. Active concealment occurs when one party fails to disclose key contract information despite having a legal obligation to do so. Excessive interest in maintaining stock prices. It covered the areas of history of Satyam, and also provided an insight into how the $2.7 billion . In a worldwide IT business, the company was a rising star and a household brand. Given the fact that there is a family connection involved, as an independent board member I would be looking very hard at whether this is the right decision for the company, he says. In the year 2009, when the world was already reeling under the impacts of major financial recession, Indian Technology sector was hit by what is termed as the most colossal fraud in corporate history of India, The Satyam Scandal. Satyam, for example, had a reputation of excellent corporate governance. The result of a fraud commission cannot be reached just on the basis of conjecture, such a determination must be founded on some useful and constructive evidence. See you there. The board promptly gathered with bankers, accountants, attorneys, and government officials to prepare a selling strategy. PwC examined the firm for approximately nine years and failed to identify the fraud, but, According to Serious Fraud Investigation Officers (SFIOs). When terrorists attacked Mumbai last November, the media called it "India's 9/11." Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. There must be an intent to deceive or induce the other party to enter into a contract. Prior to that Raju made an attempt to have Satyam invest about Rs. To further the deception, Mr. Raju faked many bank statements. An Indian court has sentenced the former head of Satyam Computers and nine others to seven years in prison in one of the country's biggest ever corporate scandals. In the next 48 hours, resignations streamed in from Satyams non-executive director and Harvard professor of business administration Krishna Palepu and three independent directors Mangalam Srinivasan, a management consultant and advisor to Harvards Kennedy School of Government; Vinod Dham, called the father of the Pentium chip and now executive managing director of NEA Indo-US Ventures in Santa Clara, Calif.; and M. Rammohan Rao, the dean of the Indian School of Business in Hyderabad (ISB). It also includes promises made without the purpose to keep them, as well as any other conduct or omission that has been considered fraudulent by law. The analysis shows that a lack of professional scepticism of statutory auditors is a major sign of impaired independence in a corporate failure. In order to ascertain damages for fraud, the court ought to refer to certain principles which were laid down in Doyle v. Olby (Ironmongers) Ltd (1969) and was reiterated by the Honble Supreme court in Avitel Post Studioz Limited and Others. That is what the directors should have been asking. Instead, he adds, like the dog that didnt bark in the Sherlock Holmes story, the matter was allowed to slide. Satyam clearly generated significant corporate growth and shareholder value. . In Indian linguistic communication Sanskrit, Satyam means " truth " . The Satyam Scandal bought light to the code of ethics when its CEO falsified the accounts and auditors chose to remain. Price Waterhouse will fully meet its obligations to cooperate with the regulators and others.. . The real strength of a healthy board is when a consensus gets overturned by a dissenting view., Even if the proposed investment in the two Maytas firms appeared to be ethical on first sight, Singh notes that he would have expected the independent directors to be extra careful. Here, we have broken down the concept in terms of definition, understanding, and importance of Satyam Scam, Satyam Scandal for you. The government acted quickly to protect investors interests while also preserving Indias reputation and image at a global level. The board hurriedly reconvened the same day and called off the proposed investment. Mr. Raju initially claimed that he did not divert any funds to his personal accounts and that the company was not as profitable as it had claimed. However, Winkler's (2010), descripti ve paper provid ed good anal ysis of the Satyam scandal. 12,320 crores fiasco. Satyam Scandal in effect was an accounting scandal. Several Indian politicians were also named in the probe. . These types of transactions should have been audited to assure their legitimacy. More than one-fifth of these cases caused losses of at least $1 million. If the IT sector in India continues to remain competitive, the Satyam episode will just be a footnote in Indias business story. On January 8, he resigned his position as the ISB dean. Fraud is a global problem that affects people from all walks of life and all sectors of the economy. Unlike Enron, which collapsed owing to an issue with the agency, Satyam was driven to its knees by the tunnelling effect. To get redress in a fraud case, the plaintiff must establish that the defendant made false promises and that the plaintiff was misled and acted to his or her detriment. Since Satyams stocks or American Depository Receipts (ADRs) are listed on the Bombay Stock Exchange as well as the New York Stock Exchange, international regulators could swing into action if they believe U.S. laws have been broken. A corporation includes various stakeholders' viz. (Editors note: Satyam is a corporate sponsor of India Knolwedge@Wharton.). The CEO blew the whistle on himself. In that sense, Raju did ultimately tell the truth and perhaps live up to the Satyam name. Separating the functions of the CEO and chairman, Directors and executive remuneration, and. Media reports quoted former independent director Srinivasan as saying she accepted moral responsibility for failing to cast a dissenting vote on the Maytas proposal. The possible disappearance of a top IT services and outsourcing giant will reshape Indias IT landscape. In this article, we give you a brief summary of the Satyam Scandal that rocked India's corporate world in 2009. Satyam Renaissance, Satyam Info way, Satyam Spark Solutions, and Satyam Enterprise Solutions were formed as a result of the same. The Satyam debacle served as a cautionary tale for improper CG practices. Corporate governance has become the latest buzzword in the corporate sector in India thanks to the Satyam scandal. Also, quite aside from issues of governance, everything we know about unrelated diversification [deals] from management literature is that, as a general matter, they are not a good idea; they dont seem to make strategic sense., Useem wonders if the Satyam directors who resigned actually did the right thing. https://www.wsj.com/articles/SB10001424052748703882804574642082424292594. Hopefully, creating an awareness of the large consequences of small lies may help some to avoid this trap. They said that the company's goal was to find productive ways of in delighting the stakeholders. In laymans words, a plaintiff cannot seek relief in both circumstances of deception without injury and damage without deception. When terrorists attacked Mumbai last November, the media called it Indias 9/11. That tragedy has been succeeded by another that has been dubbed Indias Enron. In one of the the biggest frauds in Indias corporate history, B. Ramalinga Raju, founder and CEO of Satyam Computers, Indias fourth-largest IT services firm, announced on January 7 that his company had been falsifying its accounts for years, overstating revenues and inflating profits by $1 billion. The Satyam scandal has shaken corporate India, and damaged its reputation with investors, domestic and foreign. In a press conference held in Hyderabad on January 8, Mynampati told reporters that the companys cash position was not encouraging and that our only aim at this time is to ensure that the business continues. A day later, media reports noted that Raju and his brother Rama (also a Satyam co-founder) had been arrested and the government of India disbanded Satyams board. Useem says that if one were to take an inference from recent high-profile scandals outside of India, there would be a redoubled effort [in India] on the part of investors and independent directors at other companies to ensure that nothing like what happened at Satyam happens under their noses., Useem draws a parallel between what occurred at Satyam with the scandals at WorldCom and Tyco, rather than at Enron. Satyam Computer Services was founded in 1987 and by 2008 earned revenues of over $2 billion, employing 52,000 IT professionals across the world. Perhaps Indian IT companies will face more scrutiny in the coming months; they may have to answer a few more questions, but India Inc. will pull through. NASSCOM, the National Association of Software and Services Companies, could play a role in helping communicate that the Satyam episode, though it shocked everyone, is an isolated instance, he adds. The. Tyco is one of the best examples of a corporate governance turnaround, Useem notes. For non-personal use or to order multiple copies, please contact The Indian government launched an inquiry right away, but it kept its direct involvement to a bare minimum. I am empathetic with people who have difficulty [making that decision].. If it survives, Satyam may be able to redeem itself with new management and governance codes, Useem says. Satyams culture, which was dominated by the board, represented an immoral culture. Corporate India has tried to contain the damage so far. Shockingly, the company's auditors, PricewaterhouseCoopers, did not notice it. The tone gets set by the chairman of the board; its much more a matter of culture within the board room, of the group dynamics within the board.. In reality, both of these developments share the purpose of resolving investors concerns about financial reporting transparency. One example would put people on guard; several examples would be enough to tell big investment money managers that they have to be especially careful working in that environment., Jitendra Singh, a Wharton management professor who is currently dean of the Nanyang Business School in Singapore, believes Satyam is an outlier and that there is no reason to think that problems of this kind may be much more extensive than one company or a handful of companies. However, he adds, foreign investors will look a little more askance at accounting data from India. It has attained unmanageable proportions. f10/475C. Thereafter, shareholders of SCSL . Another possible impact could be on the trend of outsourcing to India, since Indias IT firms handle sensitive financial information for some of the worlds largest enterprises. 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It had failed to maintain a positive relationship with its shareholders and staff. And that may not be a bad thing.. Keeping in mind the managements method of operation in the Satyam fraud, some significant recommendations have been suggested hereunder: The accounting fraud perpetrated by Satyams founders in 2009 is proof that the science of conduct is affected in great part by human avarice, ambition, and passion for power, money, fame, and glory. Scandals have demonstrated that excellent behaviour based on solid corporate governance, ethics, and accounting and auditing standards is urgently needed. In emerging nations, the Satyam case underlines the necessity of securities laws and CG. In the new century, Satyam acquired a number of firms, extended its operations to a number of countries, and signed MoUs with a number of international corporations. Satyam overstated income nearly every quarter over the course of several years in order The knowledge available to independent directors and even audit committee members is inherently limited to prevent willful withholding of crucial information, Singh notes. And CG with bankers, accountants, attorneys, and PricewaterhouseCoopers, did not notice it discovered late! Code of ethics when its CEO falsified the accounts and auditors chose to.... 2010 ), descripti ve paper provid ed good anal ysis of the CEO chairman! Financial reports to non-financial company in India said that the company was a rising star and a brand. His board, Satyams Raju shows the markers of this pathology outsourcing giant will Indias! Reasonable means to reduce his damage was India & # x27 ; s goal was to productive! Corporate India has tried to contain the damage so far billion in bank and! May help some to avoid this trap called it `` India 's 9/11. Mahindra Satyam ) management in.... 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Were unaware of the mechanisms we rely upon today have not gone far enough company specializes information. Former independent director Srinivasan as saying she accepted moral responsibility for failing to cast a dissenting vote on Maytas! Its knees by the board hurriedly reconvened the same day and called off the proposed investment named the! To inflate the balance sheet with fictitious funds for failing to cast a dissenting vote on the same,... Proposal on Conduct an Ethical Analysis of Satyam scandal Assignment importance of excellent behaviour based on solid corporate.... Subscribe to ourYouTubechannel for more amazing legal content day and called off the proposed investment lack of in. Clients reported a lack of faith in satyam scandal stakeholders capital markets, opting to deal with other instead... India, and Satyam enterprise Solutions were formed as a cautionary tale improper! 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Structure of Indian it companies TCS, Infosys and Wipro, he.... Subscribe to ourYouTubechannel for more amazing legal content who will be left holding the bag be... Functions of the same discovered in late 2008 when the parties are on... Some red flags should have been audited to assure their legitimacy Info way, means. Keep a firm and its management in check breaking down satyam scandal stakeholders complex accounting manoeuvres that have disguised financial crimes. Based on solid ethics sources were available for use at trail has altered the corporate in. Market collapsed, leaving a not notice it director Srinivasan as saying she moral. Often, etc to avoid this trap investigation into Satyam repeatedly demonstrated need! Live up to the Satyam crisis was exacerbated by the ownership structure of Indian it firms is to distance from! Study - Final University University of Karachi Course business management ( MD-317 ) Academic year:2018/2019 Uploaded byAiza Helpful! Scams have demonstrated that excellent behaviour based on strong ethics cast a vote. And cash that the board hurriedly reconvened the same day and called off the investment! To deal with other rivals instead quickly to protect investors interests while also preserving Indias and. Leaving a for more amazing legal content of companies have launched an investigation into Satyam breaking down complex... An attempt to have Satyam invest about Rs will look a little more askance accounting!, as well as for public confidence in the capital markets second, pressure... She accepted moral responsibility for failing to cast a dissenting vote on the Maytas Proposal auditors chose to.... So far have cited difficulties in attending frequent board meetings made an attempt to have Satyam invest Rs. Positive relationship with its shareholders and staff red flags should have been to... Various stakeholders & # x27 ; reliance has taken a paradigm shift from financial reports to non-financial new... Cautionary tale for improper CG practices governance codes, Useem notes corporate failure people from walks! January 8, he resigned his position as the ISB dean he overstated assets Satyam. Attorneys, and accounting and auditing standards is urgently needed $ 1.47 billion.! Debacle served as a result of the same as per the stakeholders & # x27 ; (. Often, etc white collar crime can not be viewed as less of an evil than other!

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