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Sri Lanka Investigates Rajaratnam
(Lanka-e-News 21.Oct.2009 3.30PM) Sri Lanka–Sri Lanka's Securities and Exchange Commission is reviewing the active stock trading of Raj Rajaratnam, the billionaire hedge fund manager at the center of an insider trading case in the U.S.

Mr. Rajaratnam and five others were detained and charged by U.S. regulators on Friday for allegedly trading on nonpublic information involving Google Inc. and other companies.

Sri Lanka's securities regulator is looking into Mr. Rajaratnam's trades on the Colombo Stock Exchange over the last year, said Channa De Silva, director general of the Securities and Exchange Commission of Sri Lanka. It is looking to see if there are any suspicious trades suggesting that that Mr. Rajaratnam or his funds were buying ahead of unannounced good news.

"We will look at some of the corporate announcements and how they relate to his purchases," said Mr. De Silva.

Mr. Rajaratnam is the biggest individual investor in Sri Lanka, analysts say, with more than $150 million invested in many of the country's largest companies.
By ERIC BELLMAN : Courtesy: Wall Street Journal
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