General Electric (GE) has committed to continuing its
work with IT services provider Satyam despite the$1bn internal fraudrevealed at the
Indian IT service provider earlier this month.
The vote of confidence from the world's third largest firm comes
a day after US financial services company
State Farm Insurance announced it had terminated its work with
Satyam.
The companies work together in providing global healthcare
infrastructures, with Satyam doing software development.
The announcement backs up Satyam's claim that most of its
customers have said they will retain their contracts with the
company.
"Ensuring continuity of service is the board of directors' top
priority, and Satyam is working diligently to ensure all our
customers' goals and needs are being met. We are delighted in GE's
decision to continue services, our executives are reaching out to
clients around the world, and at this point well over 90% of our
clients have committed to continuing with Satyam," said Hari
Thalapalli, head of global marketing and communications at
Satyam.
The IT services provider is
fighting to restore confidence among customers following its
chairman's confession that he falsely inflated the firm's
revenues.
Satyam said many of its customers have made formal and informal
commitments to continue working with it. The firm said it is not
experiencing an unusual volume of attrition and continues to gain
new customers globally.
Companies such as retailer Tesco, chemicals firm Ciba, and Fifa
have already said they are monitoring the situation.