Saturday 21 July 2012

All swindlers of the world, unite!


The aphorism, the ‘birds of same feathers flock together’, is widely used in many different contexts.  True, we have seen likeminded people always coming together. But in most cases it is crooks who join hands sooner than others. 
Terror outfits, hardcore gangsters, radical organizations and the like across the borders maintain good relations and often help each other logistically and otherwise.
But now disgraced firms seem to be trying to find companions to come for their help once they are bitten the dust. We Hyderabadis do not need to google to find an example now.  One of the world’s biggest con firms – Maytas – has now a new stakeholder, the $5 billion Saudi Bin Ladin group. Honey, you guessed it right! As the name indicates, the group was founded in 1931 by the late Sheikh Mohammed Bin Laden, none other than the father of the world’s most wanted terrorist and al-Qaida founder Osama Bin Laden. Laden group acquired 20 per cent of Maytas’ shares mid last month, no one knows how big is the amount it paid for each share.
Maytas has an equally baffling history. Originally formed by international swindler Ramalinga Raju’s son, its evil intention was to divert Satyam Computers’ accounts and to bag prestigious government projects using Raju’s influence in the corridors of power.
Though the promoter family officially held 36.64% of shares, the family reportedly held about 80% of shares through affiliates. Following the Satyam fiasco, partners in consortiums led by Maytas started slowly backing out and the government and other agencies that awarded huge projects to the tainted company severed ties.  The government-owned MMTC canceled its joint venture for Rs.8,603 Special Economic Zone in Tamil Nadu. Nagarjuna Construction, partner in many BOT and other projects, announced its disassociation with Maytas. Banks shied away from giving loans and more than a dozen projects slipped its hands, including the Rs.12,200 crore Hyderabad Metro Rail project.
And finally, the Saudi firm has come to the rescue. Taking a cue, fraudulent companies all over the world would start backing each other soon. Let their tribes flourish while the governments and credulous common people across the globe become sitting ducks to be double-crossed!

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