Ex-Goldman boss Rajat Gupta won't testify in insider trading trial

Stephen Foley

Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.

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Rajat Gupta will not take the stand in his own defence this week, as the former Goldman Sachs director's trial on insider dealing charges heads towards a conclusion.

His lawyers had previously said it was "highly likely" that Mr Gupta would testify in a bid to clear his name.

Mr Gupta was also a director of Procter & Gamble, having taken on non-executive directorships following a long and distinguished career as a management consultant at McKinsey & Co.

His trial follows last year's jailing of Raj Rajaratnam, founder of the Galleon hedge fund, who was convicted of illegal trading on information about profit warnings and fundraisings at Goldman, provided in telephone calls from Mr Gupta.

Mr Gupta's case is that he did not provide any secret information or profit from insider trading, and his lawyers will put character witnesses on the stand to try to persuade the jury of his integrity.

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