Mahindra Satyam pays $10m to settle fraud investigation

Chairman Vineet Nayyar said that the services firm now wants to put the matter to rest

Indian integrator Mahindra Satyam has paid $10m (£6.1m) to settle a US fraud investigation.

The organisation stated that it was neither admitting nor denying any wrongdoing in the decision to settle.

Chairman Vineet Nayyar said that the firm now wants to put the matter to rest.

"We concluded that it is in the best interests of Mahindra Satyam and its shareholders to resolve this matter and put it behind us on the basis announced today," he said.

The funds were paid to the US Securities and Exchange Commission (SEC), who also received $6m (£3.7m) from accountants PwC. PwC were found liable as auditors for allowing the fraud to go undetected for several years.

The fraud was perpetrated by former chairman B Ramalinga Raju from 2003 to 2008. He admitted to overstating profits and employee numbers, and is awaiting trial.

The SEC said Mahindra Satyam had made "unique and significant remediation efforts after the fraud became public in 2009".

It added that the firm had been transformed "into a new company with new management, directors and investors and state-of-the art controls."