Wipro did nothing wrong: Premji to employees
Hours after World Bank made public that Wipro [Get Quote] has been debarred from doing any business with the global lender, the company’s chairman Azim Premji wrote to its over 100,000 employees saying that the company had not done anything unethical.
Denying charges levelled by the World Bank that Wipro provided improper benefits to the bank staff, Premji said, “Let me reaffirm that Wipro was right from a legal as well as ethical standpoint. We believe what we did what was right and we did it in the right manner.”
The company, in 2000, had provided World Bank staff option to purchase its American Depository Shares at IPO price through a Directed Share Programme. However, the World Bank in June 2007 determined that this was a conflict of interest.
In an internal communication to the company’s employees, Premji said, “We have always prided ourselves for setting the highest standards of business ethics in our dealings with all our stakeholders. We have built a strong culture which upholds compliance in letter and spirit. The approach was no different in this instance also.”
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