Rajat Gupta likely to testify at insider trading trial

Former Goldman Sachs Director, Mr Rajat Gupta, is likely to testify next week in his defence at insider trading trial.

This was told by his lawyer as the prosecution rested its case and the defence presented a video testimony from top Berkshire Hathaway executive India-born Mr Ajit Jain.

After the jury was dismissed yesterday for the week-end, Mr Gupta’s lawyer Mr Gary Naftalis told Judge Mr Jed Rakoff in Manhattan federal court about the possibility of Mr Gupta taking the witness stand in his trial, which began on May 21.

“It was represented to me at the sidebar that Gupta would likely take the stand, given the background of what the court has said,” Mr Rakoff asked Mr Gupta’s defence lawyers.

Mr Naftalis replied that, “I can say that it’s highly likely that my client will testify.”

The revelation about Mr Gupta testifying came as his defence team discussed with the judge its schedule and witness line-up after the prosecution said they were resting their case.

Mr Rakoff said once it is decided that Mr Gupta will take the witness stand, his lawyers should notify the prosecution who would need to prepare.

“This is a pretty tough decision to make,” Mr Naftalis told Mr Rakoff. “I represent that it’s highly likely,” he said.

“If we change our mind I will immediately pick up the phone to them and say, ‘Put down your pencils.’”

Mr Rakoff also told Mr Gupta’s defence team that the number of character witnesses it presents should not exceed six.

Mr Naftalis had wanted to put at least a dozen witnesses on the stand and had submitted a list of 20 people who would have testified for Mr Gupta.

Mr Rakoff asked Mr Naftalis whether Gupta would be the last to testify “now that we know the defendant is very likely to take the stand’’.

“He would be at the end,” Mr Naftalis said. Mr Gupta’s testimony is likely to take most of the day on June 12.

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