Raj to sell S.L. assets

Bloomberg, in a report filed Thursday said that disgraced billionaire cum fund manager Raj Rajaratnam’s (52) lawyer had told a court in Manhattan that he will bring his assets in Sri Lanka to the U.S.A.

Rajaratnam who is charged with insider trading by U.S. authorities, has invested some U.S.$ 105 million in buying stocks and shares in the local market. Those include investments in blue-chip stocks such as J.K.H., N.D.B. and D.F.C.C.

Rajaratnam who has invested in other emerging markets as well as in the U.S.A. and U.K., chiefly through his Galleon Fund, has a stock portfolio valued at over U.S.$ one billion.

Bloomberg also said that the U.S. magistrate hearing his case had refused to reduce his bail which amounts to U.S. $ 100 million. He had wanted it reduced to a fourth of its original value, i.e. to U.S.$ 25 million.

Originally, Rajaratnam and five others were arrested on insider trading by U.S. authorities. This list has since been expanded by a further 14, bringing the total number of those charged with insider trading to a record 20.

Rajaratnam’s lawyer had told Court that Rajaratnam needs U.S. 2.5 million that he put up as part of his bail to pay Galleon’s liabilities and that he is also bringing his assets he has in his native Sri Lanka back to the U.S.A.

It’s earlier reported that after the case of insider trading was filed against Rajaratnam that he had decided to wind-up Galleon, while at the same time investors were “queuing” up to withdraw their moneys from this Fund.