Satyam has sought an apology from the World Bank after it imposed an eight-year ban on the Hyderabad-based IT firm.

The Indian IT major has demanded that the World Bank withdraw the statement it issued. Satyam has protested that the "inappropriate statement" from the World Bank has caused harm to the company’s image.  It also asked for a full explanation of the circumstances under which the World Bank made its statements.

The World Bank stopped the IT firm from having direct contracts from it, but couldn’t furnish any piece of evidence to prove Satyam’s involvement in malevolent attacks on the bank's information system.

Satyam was also accused of offering bribes to bank employees. The statement also said that the company failed to maintain documentation to support fees charged for its subcontractors.

In 2003, Satyam bagged contracts from the World Bank for providing IT services. Then followed a  series of charges and embarrassment. In 2005, the firm was accused of bribery for the first time.

Two years later in 2007, an  internal investigation into the World Bank uncovered its former vice president’s involvement in allegedly winning Satyam contracts and purchase orders worth $100 million in return for Satyam's stock options (ADRs) at preferential prices. X

Check Out
Satyam's Raju not quitting