Satyam Scam tainted Indian company Maytas Infrastructure ironically sells stake to Saudi Bin Laden Group
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June 20, 2010Satyam scam tainted Indian infrastructure company Maytas has agreed to sell a 20% stake to Saudi BinLaden Group.Note Maytas Infrastructure was an integral part of the whole Satyam scam with the then CEO Ramalinga Raju wanting to merge IT company Satyam with Maytas Infrastructure .The deal had to be canceled under Satyam shareholder pressure eventually leading to the exposure of the Satyam Scam.This company faced huge problems with management turmoil and contracts getting cancelled.Their were allegations of favoritism as the company won huge prestigious contracts in its home state Andhra Pradesh.It was finally rescued when IL&FS took over managment control from the Raju family which still holds a 25% stake in Maytas.
Now this scam tainted company is selling a 20% stake to the Saudi BinLaden Group which will become a co-promoter.This Saudi group is more infamously known because the founder of this group is the father of Osama Bin Laden.While this deal is completely legal,it seems quite ironic that it is selling a stake to a Group which is indirectly linked to the world’s Most Wanted Man.
Saudi Binladen Group picks up 20pc in Maytas – IBN
The city-based Maytas Infra, initially promoted by the kin of disgraced Ramalinga Raju of Satyam, said Saturday Mauritius-based SBG Projects Investments, a part of Saudi Arabia-based Saudi Binladin Group (SBG) will buy 20 per cent stake in the company.The Saudi Binladin Group was founded way back in 1931 by Sheikh Mohammed bin Laden, the father of Osama Bin Laden, the world’s most wanted terrorist.The Raju family is still holds 25 per cent in the company.