Galleon Group's operations in Singapore 'due to close'

1 December 2009

Galleon Group, the hedge fund at the centre of an insider trading case, is to shut down its operations in Singapore at the end of this month, according to insiders.

At the point of the arrest of Galleon Group founder Raj Rajaratnam in October the hedge fund held around $500 million worth of assets in Singapore, reports Bloomberg.

Galleon is now being liquidated in light of what prosecutors are calling the biggest insider trading ring of its kind and there are believed to be "at least" two firms battling it out to take over its operations in Singapore and the US.

Mr Rajaratnam is currently free on $100 million bail and faces charges along with 19 others.

Last month, Hector Ruiz, the former chief executive officer of Advanced Micro Devices (AMD), quit his job as Globalfoundries chairman after he was linked to the scandal.

Despite not being charged in the case, Mr Ruiz stepped down following widespread media speculation that he was the unnamed AMD executive who passed on secret information regarding the formation of Globalfoundries to the Galleon Group.

By Gary Cooper

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