Satyam is a victim of three factors. The factors are not the
causes of the global and colossal fraud. But they provide an enabling
environment for abuse and delusion. First, it is a publicly-owned
company that can raise capital inexpensively if its existing
shareholders assigned it a high value.
Second, it is a publicly-owned company in which Mr Raju could
own a very small fraction of the ownership stock. He could overstate
profits with the objective of influencing other shareholders. The
overstatement never hurt him because his own share of the real profits
has remained very small. Third, Satyam could preserve its fictitious
profits without having to pay big taxes because its profits were
protected significantly from the normal tax laws.
There are numerous companies in India that operate within the
same framework but not all of them should be regarded as clones of
Satyam.
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