Rajat Gupta quits Gates Foundation panel
Rajat Gupta, a former Indian American director of Goldman Sachs Group accused of leaking insider information to Galleon Group founder Raj Rajaratnam, has resigned as an adviser to the Bill & Melinda Gates Foundation.business Updated: Mar 29, 2011 11:16 IST
Rajat Gupta, a former Indian American director of Goldman Sachs Group accused of leaking insider information to Galleon Group founder Raj Rajaratnam, has resigned as an adviser to the Bill & Melinda Gates Foundation.
"Rajat Gupta has stepped down from his role on our Global Development advisory panel until these matters are resolved," the Seattle based foundation said in a statement.
Gupta, 62, who was chairman of the panel, was brought in after criticism that the foundation was unaccountable beyond Gates, his wife Melinda, and Warren Buffett, their co-trustee, all of who were travelling in India last week.
Goldman Sachs CEO Lloyd Blankfein testified in the Galleon case on Wednesday that Gupta had leaked confidential information including details of the $5 billion investment in Goldman Sachs in October 2008 by Buffett's Berkshire Hathaway, to Rajaratnam.
Gupta has not been charged in the Galleon case, but the US Securities and Exchange Commission filed a civil complaint against him earlier this month.
Gupta, who was managing director of McKinsey for nine years, resigned from Procter & Gamble's board after the SEC complaint.
He also has quit the board of American Airlines and its parent AMR, and announced he will step down as head of the Indian School of Business.