Anil Kumar continues to testify in the Raj Rajaratnam insider trading trial.
Here’s what he’s told jurors so far this morning, according to Courtney Comstock, who’s at the courthouse.
Kumar says that Rajat Gupta, the former chief of McKinsey and ex-Goldman Sachs board member, was in discussions to become chairman of Galleon International.
Raj had a call with Kumar in 2008, in which they discussed how to compensate Gupta.
In the same conversation, Raj asks Kumar: you got your car? Kumar replies, yes — I got it.
During the telephone call, Raj says he just walked to the Waldorf Astoria with Rajat Gupta, and talks about finalising a deal the following day.
Raj also wanted Kumar’s opinion on how much to compensate Gupta, and the pair went back and forth on how to do it.
“10% over five years?” Raj asks.
“Well how big is Galleon International right now?” Kumar asks.
“It’s at $1.5 billion. It will be at $5 billion with five years,” Raj responds.
Kumar then gives Raj examples of how Galleon did very well on its own before, and will do fine without Gupta. But Raj responds that the big opportunity with Gupta is certain “special opportunities,” and “getting introductions to people, and access.
“I don’t have access to private equity guys,” Raj continues. “He gives me a bit of cache in South Asia and globally, you know? And see the thing is he’s not going to give me access to… like I’m not gonna call Sunil Mittal and say, I want to deal with you.”
Even after that explanation, Kumar continues to try and boost Raj’s confidence, and convince the Galleon chief he needn’t offer Gupta too much.
More to come later!
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