Ramalinga Raju quizzed by CBI in Satyam case

Hyderabad: The Central Bureau of Investigation (CBI) today questioned Satyam founder and former chairman B Ramalinga Raju to further probe the multi-crore accounting scam in the IT firm, reports PTI.

Mr Raju, the prime accused in the Satyam fraud case, reached the CBI office at around 1000 hours and is likely to be questioned till afternoon, a senior CBI official told PTI.

The investigating agency had yesterday served a notice to Mr Raju, summoning him for further questioning into the 2008 scam where he is the prime accused.

According to sources, the questions will revolve around the alleged fund diversion from Satyam Computers to some foreign countries to which the CBI has sent Letters Rogatory (LR) and is waiting for the reply.

Mr Raju was discharged from the NIMS hospital here last week where he was undergoing treatment for Hepatitis-C and heart problems since September.

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Indian cos in fray for Madinah airport project

Dubai: Indian companies are among the contenders for a multi-billion dollar project for expansion of the Prince Muhammad bin Abdulaziz International Airport in Madinah, which has seen active interest from as many as eight multinational consortiums, reports PTI.

The companies bidding for the contract include multinationals from the US, Canada, France, Spain, Malaysia, India, Korea and Turkey, in addition to Arab companies from the UAE and Lebanon, a newspaper report said.

The expansion project will increase the airport's capacity to 25 million passengers annually.

According to the Arab News report, the General Authority of Civil Aviation (GACA) has organised a meeting with the eight consortiums that have been prequalified to submit competitive bids to develop, finance and operate the airport under a long-term public-private sector partnership.

Without naming the companies involved, Ala Samman, the supervisor of the project, said the meeting was organised to answer the queries of companies bidding for the contract before they present their financial and technical offers.

GACA has appointed the International Finance Corporation of the World Bank as the project's financial consultant.

Khaled Al-Khaibari, the spokesman of the authority, said the Prince Muhammad bin Abdulaziz Airport will be the first international airport in the Kingdom to be owned by the private sector.

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India tops list of Dubai direct trade partners this year

Dubai: India was Dubai's biggest direct trade partner in the first seven months of 2010, with bilateral transactions between the two countries amounting to over 85 billion dirhams ($23.14 billion) during the period, reports PTI quoting statistics issued by the Dubai Customs department.

India's share of Dubai's overall trade with the outside world was 26%, the data shows. Not only was the maximum share of Dubai's imports from India, the Middle East nation also was India as its biggest export market.

While Dubai's imports from India amounted to 39.7 billion dirhams ($10.80 billion) during the period, exports to India were estimated at around 16.8 billion dirhams ($4.57 billion).

Furthermore, the value of goods and products re-exported by Dubai to India stood at over 28.5 billion dirhams ($7.75 billion).

China and the US stood at second and third place in the list of countries exporting goods to Dubai.

Dubai's imports from China amounted to 25 billion dirhams ($6.80 billion) during the seven-month period, while imports from the US stood at 16.6 billion dirhams ($4.51 billion). Germany stood fourth in the list, with exports of around 10 billion dirhams ($2.72 billion) to Dubai.

In terms of the top export destinations for Dubai, Switzerland was at second place with shipments worth 6.2 billion dirhams ($1.68 billion), followed by Saudi Arabia with 1.4 billion dirhams ($381.16 million) and Pakistan with 1.1 billion dirhams ($299.49 million).

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