Berkshire Hathaway's India-born top executive Ajit Jain was "shocked" to hear that his friend ex-McKinsey head Rajat Gupta had lost USD 10 million in an investment fund with Raj Rajaratnam, which he described as a "deliberate hanky panky" by the convicted hedge fund founder.
In Jain's video deposition, which was recorded on May 27 and played in the courtroom for the jury yesterday, Jain tells Gupta's lawyer Gary Naftalis and the prosecution he was "shocked to hear" from Gupta in 2009 that he had lost USD 10 million in a Voyager fund that was managed by Rajaratnam.
"He (Gupta) told me, as best I can remember, that he had a USD 10 million investment with Rajaratnam in some venture and he had been gypped, swindled or cheated by Raj," Jain said. "He lost his entire investment with Rajaratnam."
Jain said from his conversation with Gupta, he was "left with the impression" that it was not just a bad investment or loss of money but "a deliberate hanky panky on part of Rajaratnam."
In response to a question by Naftalis, Jain said it was "unusual" for
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