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| Version 2 | Version 3 |
|---|---|
| Fraud case hits Sri Lankan shares | Fraud case hits Sri Lankan shares |
| (about 2 hours later) | |
| The Sri Lankan stock market has fallen sharply after the arrest of a Sri Lankan billionaire hedge fund manager in New York on insider trading charges. | The Sri Lankan stock market has fallen sharply after the arrest of a Sri Lankan billionaire hedge fund manager in New York on insider trading charges. |
| Raj Rajaratnam was arrested on Friday and charged with pocketing millions of dollars from illegal trades. | |
| The Colombo Stock Exchange fell 3.9% before recovering to close down 1.6% on Monday, the biggest fall since 4 June. | The Colombo Stock Exchange fell 3.9% before recovering to close down 1.6% on Monday, the biggest fall since 4 June. |
| Investors fear that Mr Rajaratnam will be forced to sell his extensive holdings in Sri Lankan companies. | |
| He was one of the biggest foreign equity investors in Sri Lanka, both in his personal capacity and through [his fund] Galleon Group Channa Amaratunga, CT Capital Hedge funds under scrutiny | He was one of the biggest foreign equity investors in Sri Lanka, both in his personal capacity and through [his fund] Galleon Group Channa Amaratunga, CT Capital Hedge funds under scrutiny |
| This would be likely to cause their shares to fall in value. | This would be likely to cause their shares to fall in value. |
| "This is bad news without a doubt," said Channa Amaratunga at Colombo-based CT Capital. | "This is bad news without a doubt," said Channa Amaratunga at Colombo-based CT Capital. |
| "He was one of the biggest foreign equity investors in Sri Lanka, both in his personal capacity and through [his fund] Galleon Group." | "He was one of the biggest foreign equity investors in Sri Lanka, both in his personal capacity and through [his fund] Galleon Group." |
| US prosecutors claim that Mr Rajaratnam and five other investors secured inside information regarding firms including Google, AMD and Hilton Hotels. | |
| The others charged in the case include Rajiv Goel, a director of strategic investments at Intel Capital; and Robert Moffat, senior vice president in the systems and technology division of computer group IBM. | The others charged in the case include Rajiv Goel, a director of strategic investments at Intel Capital; and Robert Moffat, senior vice president in the systems and technology division of computer group IBM. |
| They are joined by Anil Kumar, a director at global management-consulting firm McKinsey & Co; and Danielle Chiesi and Mark Kurland of New Castle Partners. | They are joined by Anil Kumar, a director at global management-consulting firm McKinsey & Co; and Danielle Chiesi and Mark Kurland of New Castle Partners. |
| The insider trading is said to have taken place between January and July 2007. | The insider trading is said to have taken place between January and July 2007. |