Australian financial services provider National Australia Bank today said it will suspend all "early stage" projects with Indian IT firm Satyam Computer Services until there is a clear picture about the software exporter's future.
However, NAB will continue the projects given to Satyam in 2007 and 2008.
"...Until the longer term future of Satyam becomes clearer, NAB will suspend all work currently in the early stages of transition to Satyam. This work will continue to be carried out by NAB employees," an NAB spokesperson told PTI in an e-mailed statement from Melbourne.
The official noted that it has been decided that "application development and maintenance work transitioned to Satyam in 2007 and 2008 will remain unchanged".
Satyam has been hit by one of the biggest corporate frauds in India, after its founder B Ramalinga Raju confessed to fudging books of accounts.
Regarding Satyam's "early stage" work, which would be suspended, NAB will consider whether to continue to transition "this work to Satyam or another offshore supplier".
The decision would depend on the long-term future of Satyam, which would become clearer in the coming months, the spokesperson said.
