Hathaway’s Ajit Jain to testify for Rajat Gupta
08 Jun 2012
Berkshire Hathaway's head of reinsurance business Ajit Jain will testify through a video deposition on behalf of his "close friend", former Goldman Sachs director Rajat Gupta, who is on trial for an alleged insider trading fraud.
As the prosecution wraps up its case against Gupta, his defence team expects to begin its case today by showing a recorded deposition of Jain, a spokeswoman for the federal court in Manhattan said.
Jain, a former McKinsey employee, is seen as a potential successor to Warren Buffett at Hathaway. He is among a list of 20 witnesses who will testify for Gupta in his trial.
Jain is likely to testify as a character witness for the ex-McKinsey head.
The trial of Gupta, who is charged with passing secret information about Goldman Sachs and Proctor and Gamble to convicted founder of hedge fund Galleon Group Raj Rajaratnam, is in its third week.
Gupta has pleaded not guilty to one count of conspiracy and five counts of securities fraud, which carries a maximum term of 25 years in prison.
