Rajratnam selling shares to raise bailout money

Sri Lanka-born US billionaire,Raj Rajaratnam,accused in a hedge-fund insider trading scam in America,has reportedly stared off-loading stakes in a bank of the island nation apparently to raise USD 100 million to fund his bail.

Sri Lanka-born US billionaire,Raj Rajaratnam,accused in a hedge-fund insider trading scam in America,has reportedly stared off-loading stakes in a bank of the island nation apparently to raise USD 100 million to fund his bail.

Earlier this month,a federal judge in Manhattan refused to lower the USD 100 million bail for Rajaratnam.

Lankan born US hedge fund manager Raj Rajaratnams Galleon Fund has begun exiting from Hatton National Bank (HN) after it shed holding in Commercial Bank, the Daily Mirror reported today.

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HNB saw 1.85 million of its shares (around 1 per cent stake) traded yesterday between Sri Lankan Rs 170 and Rs 168,before closing at the lower level.

Galleons focus on HNB is following the exit strategy on Commercial Bank,which the market witnessed in recent days, the newspaper said.

Rajaratnam is estimated to have an asset portfolio of about USD 105 million in the island nation.

Sri Lankan authorities are inquiring into his investment portfolio and also his involvement with the Tamil Rehabilitation Organization (TRO).