Hyderabad: Software services firm Satyam Computer Services Ltd questioned the validity of media reports that the company was banned by the World Bank from any future off-shoring of work for allegedly being involved in a data theft at the multilateral agency using spy software as part of its contractual work for the Bank.

Strong denial: Satyam’s chairman B. Ramalinga Raju. Fox News on Friday reported spy software was installed by the firm covertly. Jonathan Drake / Bloomberg

“The story that claims Satyam was involved in an alleged security breach at the World Bank has no validity. Satyam takes this matter very seriously. We hold ourselves to the highest standards in the industry, and we take extraordinary care to develop secure networks and IT infrastructure for all our clients," a statement released by the company on Sunday said.

Based apparently on a leaked email from a senior technology manager at the World Bank, Fox News reported on Friday that following the forensic analysis of an alleged security breach of the Bank’s computer network, “investigators discovered that spy software was covertly installed on workstations inside the Bank’s Washington headquarters—allegedly by one or more contractors from Satyam, one of India’s largest IT companies".

The report also mentioned that Satyam’s five year contract, worth as much as $100 million (Rs487 crore), lapsed in September and was not renewed. While Satyam confirmed that the contract lapsed, it was not willing to disclose any further information regarding the contract as it was against the company policy of not disclosing contractual information.

Following the Fox News story, a Bank spokesperson clarified that the “story is wrong and is riddled with falsehoods and errors. The story cites misinformation from unattributed sources and leaked emails that are taken out of context."