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Monday, October 2, 2006

Buffalo, New York —Sam Savarino, CEO of Savarino Companies, the development company to be in charge of building the Elmwood Village Hotel at Forest and Elmwood Avenues in Buffalo, New York has told Wikinews in an exclusive interview that the contract to buy the properties from 1109-1121 on Elmwood Avenue in Buffalo has been “extended,” but would not elaborate on how long the extension would last.

“We have extended our agreement to purchase the property and will have it under contract for what we hope is a sufficient period of time,” said Savarino.

The hotel would require the demolition of the five properties on Forest and would cause several businesses to relocate or close their doors. The hotel will be 72 rooms and will cost at least 7 to 10 million dollars to build. Wyndham Hotels is expected to be the owner/operator of the hotel. The properites are still owned by Hans Mobius. Two other properties, 605 and 607 Forest might also be part of the proposal, but lawsuits have so far stopped any development from taking place.

Savarino also stated in a recent interview with Wikinews that his company may be “about ready for round two” in the process of resubmitting the hotel proposal to the City of Buffalo’s Common Council and Planning Board.

“If we were to go through the re-zoning process again it could be arduous,” said Savarino.

In July, Savarino “withdrew” the proposal which is undergoing a “do-over,” according to Vice President of Savarino Companies, Eva Hassett.

In related news, several residents around the area of the proposed hotel were speculating that current roadwork to repair and add sewer lines on Forest Avenue were part of the construction process for the proposed hotel. Savarino has denied those claims.

“We are certainly not doing any work on the site nor is any work being performed on our behalf or at our direction [in relation to the hotel],” said Savarino.

So far, the proposal has not been resubmitted to the City’s Common Council or Planning board and there is no word on when the proposal will be resubmitted.

Wyndham Hotels, which is owned by Cendant Corporation, has not commented on the proposal despite several attempts to contact them.

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Saturday, November 14, 2009

According to scientists, the land territory of Russia has expanded by about 4.5 square kilometres within the last few years in the Far East due to seismic and volcanic activity.

The gained land was recorded in the Sakhalin Peninsula. Boris Levin, head of the Institute for Sea Geology and Geophysics of the Russian Academy of Sciences, said that the increase happened primarily due to two seismic events.

The first, in August of 2007, was when a heavy 6.8 earthquake near the city of Nevelsk in the Far East raised about three square kilometres of seabed above the level of the water. The second was in June of this year, when the Sarychev Peak volcano on the Matua Island erupted. GPS trackers on the Matua island were used to monitor the eruption, and the volcano changed its shape, adding 1.5 square kilometres of land, scientists said.

Geologists also reported that the Kuril Islands nearby were slowly moving towards mainland Russia at an estimated rate of eighteen milimetres per year.

Saturday, December 11, 2004

VIENNA –Doctors from the Rudolfinerhaus clinic in Vienna say “there is no doubt” Ukrainian opposition leader Victor Yushchenko was poisoned with Dioxin.

Yushchenko’s body had about 1,000 times more than the normal concentration of the toxin. It is unknown if there were any other poisons in his system.

Although it has not yet been proven that the poisoning was deliberate, doctors suspect it was. “We suspect a cause triggered by a third party,” said Michael Zimpfer, head doctor at the Rudolfinerhaus clinic. He suggested the poison may have been administered orally, through food or drink.

Today’s announcements are a follow-up of an earlier press conference, where Dr. Korpan that there were three hypotheses under consideration, one of them involving dioxin. He did not reveal what the other two hypotheses were. Dr. Michael Zimpfer, director of the Rudolfinerhaus clinic emphasized that time there was no proof yet to specify the substance causing the illness.

Yushchenko left Kiev on Friday (2004-10-12) for further examination in Vienna. When Yushchenko fell ill on October 6th, Ukrainian doctors had initially diagnosed food poisoning, leading to speculation that he had been poisoned deliberately. The illness has disfigured Yushchenko’s body and face which doctors say could take up to two years to heal.

He fell seriously ill on the September 6th, during his presidential campaign. Yushchenko was taken to the Rudolfinerhaus clinic of Vienna, where he stayed for four days under Dr. Korpan’s care. He was diagnosed with “acute pancreatitis, accompanied by interstitial edematous changes.” These symptoms were said to be due to “a serious viral infection and chemical substances which are not normally found in food products” as his campaign officials put it. In laymans terms, he developed an infection in the pancreas and got a bad skin condition that disfigured his face with cysts and lesions. The skin condition has similarities with the chloracne associated with dioxin posioning according to a British toxicologist John Henry.

• Viktor Yushchenko (left) as he appeared in July 2004 and (right) as he appeared in November after the poisoning(Gleb Garanich/Vasily Fedosenko/Reuters)

Earlier, doctor Nikolai Korpan of Rudolfinerhaus clinic confirmed today that the illness of Ukrainian presidential candidate Viktor Yushchenko was caused by an attempt to kill him.

Sunday, November 6, 2016

The following is the sixth and final edition of a monthly series chronicling the U.S. 2016 presidential election. It features original material compiled throughout the previous month after an overview of the month’s biggest stories.

In this month’s edition on the campaign trail: the Free & Equal Foundation holds a presidential debate with three little-known candidates; three additional candidates give their final pleas to voters; and past Wikinews interviewees provide their electoral predictions ahead of the November 8 election.

Monday, January 12, 2009

Byrraju Ramalinga Raju, founder and chairman of Satyam Computer Services, and his brother, B. Rama Raju, the company’s managing director, were arrested late Friday by Andhra Pradesh police. The brothers were placed under judicial custody in a Hyderabad, India jail and will remain there until January 23. Facing charges of criminal breach of trust (Section 406 of IPC), criminal conspiracy (Section 120-B), cheating (Section 420), falsification of records and forgery (Section 468), and fraudulent cancellation of securities (Section 477-a), they face up to ten years imprisonment if convicted.

After 18 hours of interrogation by the Crime Investigation Department (CID) at the state police headquarters, the Raju brothers were sent to the Chanchalguda prison and slept Saturday night on the floor along with 26 other low-risk inmates.

S. Bharat Kumar, the Rajus’s lawyer, asked the magistrate to issue orders for health monitoring. “His blood pressure is fluctuating and he needs medical treatment,” said Bharat Kumar. Mr. Raju appeared before the court Saturday while a team of doctors visited him after he had complained of chest pain.

Raju has Hepatitis-C, and both brothers have high blood pressure, so health precautions are necessary while imprisoned. Prison rules mandate service of jail food thrice a day. The menu includes 650 gm of rice thrice a day with 250 gm of vegetable curry and 125 gm of ‘daal’ plus tea twice a day.

Satyam’s chief financial officer Vadlamani Srinivas, who was also arrested Saturday, had undergone preliminary investigation and appeared Sunday before a special court, according to A. Sivanarayana, Andhra Pradesh additional director general of police. Srinivas was remanded to judicial custody until January 23 by Mr. D. Ramakrishna, Sixth Chief Metropolitan Magistrate, and sent to the Chanchalguda jail with the Raju brothers after interrogation by CID’s Crime Branch (the CB-CID). During his Saturday night arrest and probe by CB-CID, Srinivas made revelations which are contained in his confession letter as submitted to Network 18. “According to me fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management,” Srinivas stated.

The Hyderabad court on Monday postponed the bail hearings of the Raju brothers and Srinivas to January 16. To be defended by a battalion of 25 lawyers, the three accused will remain in Chanchalguda Central Jail until further court order. The Raju brothers were shifted Sunday to a mid-size Old Hospital Barrack cell shared with a bootlegger.

In 2008, the company struggled to purchase two infrastructure companies founded by family members of company founder and CEO Dr. Raju – Maytas Infrastructure and Maytas Properties – for $1.6 billion, despite concerns raised by independent board directors. Dr. Raju tendered his resignation on January 7 after due notice of falsified accounts to board members and the SEBI.

Since January 7 when two lawsuits were commenced, dozens of other class action law suits were filed against Satyam for hundreds of millions of dollars damages based on fraud in the United States District Court for the Southern District of New York in Manhattan, among others. The securities fraud class-action lawsuits have been filed on behalf of investors who bought Satyam American Depositary Receipts (ADRs) since 2004.

On Wednesday Dr. Raju admitted to falsifying and overstating Satyam’s cash reserves by $1B US dollars (£661m) or 94% of its cash and bank balances on books at the end of September.

The fraud was perpetrated several years ago to bridge “a marginal gap” between actual and accounting books operating profits, and continued for several years. “It was like riding a tiger, not knowing how to get off without being eaten,” B. Raju said.

In a letter to the board, Dr. Raju said that neither he nor the managing director had benefited financially from the inflated revenues. Further claiming that none of the board members had any knowledge of the dire company situation, he noted that Satyam’s balance sheet as of the September 30, 2008, carried inflated figures for cash and bank balances of INR 5,040 crore (as against INR 5,361 crore reflected in the books). He alleged it also carried an accrued interest of INR 376 crore which was non-existent. He confessed that he himself prepared an understated liability of INR 1,230 crore on account of funds amid an overstated debtors’ position of INR 490 crore (as against INR 2,651 crore in the books).

Indian analysts have compared the Satyam-Raju scandal to the infamous American Enron scandal. Immediately following the media expose, PricewaterhouseCoopers, auditor of Satyam’s accounts, was set to be probed for complicity in the controversy. Times Now has reported that the Andhra Pradesh CID arrested PricewaterhouseCoopers (PWC) representative Gopal Krishnan for investigation on Saturday night.

New York-listed Satyam Computer Services Ltd., India’s fourth-biggest software firm, is a consulting and information technology services company based in Hyderabad, India. Founded in 1987 by Dr. Byrraju Ramalinga Raju, Satyam’s network spans 67 countries on six continents. It employs 53,000 professionals in India, the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary, Singapore, Malaysia, China, Japan, Egypt and Australia. Its monthly salary outflow is estimated at six billion rupees ($125 million). Deriving more than half of its revenues from the United States, it serves 700 global companies, 185 of which are Fortune 500 corporations.

Satyam’s clients include Nestle, Ford, General Electric Co., General Motors Corp., Nissan Motor Co., Applied Materials Inc., Caterpillar Inc., Cisco Systems Inc. and Sony Corp., and brought in about $40bn last year.

In December 2008, a failed acquisition attempt involving the company Maytas led to a plunge in Satyam’s share price. After Wednesday’s confession, Satyam stocks fell further by more than 70%, while the BSE SENSEX dropped to 7.3% Wednesday, causing the removal of Satyam Computer Services from its indices on Thursday. The shares free fell to 11.50 rupees on Friday, their lowest level since March 1998, compared with around last year’s high of 544 rupees.

The New York Stock Exchange has terminated trading in Satyam stock as of January 7, while the National Stock Exchange of India said it will remove Satyam from its S&P CNX Nifty 50-share index from January 12.

India’s biggest-ever corporate fraud has seriously tainted India Inc.‘s strong corporate governance image. “The admission of fraud in financial affairs has created an adverse impression in the minds of trade, business and industry across the world,” the Indian government admitted. The government intervened on Friday night, dismissing Satyam’s board of directors, announcing it will appoint representatives to manage the affairs of the insolvent outsourcing giant. The board would meet within seven days. Dr Yeduguri Samuel Rajasekhara Reddy, chief Minister of State of Andhra Pradesh, India, on Sunday said that the main agenda is to protect the jobs of the software professionals. “We are taking all needful steps in coordination with the government of India to ensure that the jobs of 53,000 engineers are protected and the shareholders’ money is salvaged,” Reddy said.

“We are working on the names. The Satyam case is an aberration. The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this.” Prem Chand Gupta, the Corporate Affairs Minister said. The Federal Government of India appointed a three-member independent board with full authority for Satyam on Sunday and was set to convene within 24 hours. “We have appointed Deepak Parekh, chairman of Housing Development Finance Corporation, Kiran Karnik, former president of IT industry body NASSCOM and C. Achutan, former member of Securities and Exchange Board (SEBI) of India,” Mr. Gupta said.

In early Monday trading (0535 GMT) after the creation of the three-member board, Satyam shares rocketed upwards 60% to 38.15 rupees, even though the main Mumbai market was down more than 2%. BBC reported that Satyam shares have jumped 51% to 36.05 rupees on Monday after the stock lost 87% last week. “The constitution of the new board is seen as a positive step by the market. It’s a confidence boosting measure,” K.K. Mital, Globe Capital, New Delhi head of portfolio management services said. “But the rally will depend largely on the financial situation at the company and the kind of measures that are taken to improve liquidity,” he added.

The Company Law Board, however, has requested Satyam’s interim board not to implement its decisions. “We are asked by the Company Law Board not to implement the decisions of the board. But we are allowed to continue our activity. The team which was constituted recently is continuing its work,” Satyam head global marketing and communications, Mr. Hari Thalapalli, said.

Lazard Ltd., who has a 7.4% stake in Satyam, sought representation on the new board and wrote as much to The Indian Ministry of Corporate Affairs. “As the largest shareholder in the company, we want to be consulted in whatever decisions are being taken by the Indian government. We have written to the Ministry of Corporate Affairs and are awaiting a reply from them,” Hitesh Jain, a partner at ALMT Legal, who claimed to represent Lazard, said. “It is a fair proposal and we will take a decision as and when we clear other issues. No decision on this has been taken yet,” P.C. Gupta replied.

Meanwhile, the Securities and Exchange Board of India (SEBI) also announced it will try to control the damage and take steps to boost investor confidence. “This exercise will be undertaken after the third quarter results and is expected to be completed by end of February this year,” a SEBI official statement said. A SEBI team is also investigating acting-CEO Ram Mynampati whose salary was greater than that of founder Dr. Raju and all the directors combined. Dr. Raju had just one fifth of Mynampati’s total package of over Rs 3.5 crore as of March 2008. All the directors comparably received only a total of Rs 2.6 crore as salary, commissions, sitting fees, professional fees and other receivables.

Further, the Andhra Pradesh Police CID and teams assigned by the Economic Offences Wing of the CB-CID conducted searches Sunday of homes of the accused including the ex-CFO’s office to gather documentary evidence about the financial fraud.