Sumani Dash has taken over as direc- tor and country head-USA and Canada for the Confederation of
Indian Industry. She replaces Sandhya
Satwadi, who served for three years, after
succeeding Kiran Pasricha, who helmed
the organization in the United States for
over a dozen years.
Dash, an Odisha native born and raised
in New Delhi, holds a bachelor’s degree in
journalism from Delhi’s Lady Shriram
College and a masters degree in
International Studies from the Josef
Korbel School of International Studies at
the University of Denver. She has previ-
ously worked with the Aspen Institute
India in New Delhi as well as several non-
profit organizations in India and the US.
She has been at the CII-US office, in
Washington, DC, for over four years and is
familiar with the policy circuit, the key
stakeholders and the core issues.
She takes over at a critical time with the
Narendra Modi government in place in
New Delhi, which has led to renewed
enthusiasm and interest to jump start the
US-India bilateral relationship and reinforce the much envisaged strategic component.
She tells India Abroad that her immedi-
ate priorities will include promoting the
growth of US-India trade and commercial
relations by continuing to “highlight the
enormously positive role played by
Indian companies investing in the
United States, to facilitate trade and
business delegations from each country,
and to undertake specific initiatives in
key sectors such as manufacturing,
infrastructure, defence, energy, etc
which hold significant promise for bilat-
eral collaboration and partnership.”
“Although bilateral trade and invest-
ment has almost crossed the $100-bil-
lion mark, we are far short of the poten-
tial. While our two governments can
certainly help create a conducive envi-
ronment for business to flourish — at
the end of the day, it is up to the private
sectors in both countries to capitalize on
the opportunities. CII in the United
States will continue to play the role of a
positive catalyst in this regard.”
United States Attorney Preet Bharara has asked United States District Judge Paul Gardephe to order Mathew Martoma — convicted by a jury in
the largest-ever insider trading case — to forfeit about $9.4
million and pay a fine.
Earlier Bharara demanded a jail term not less than eight
years for Martoma, who will be sentenced by Judge
Gardephe September 8.
Martoma, 39, was a portfolio manager at CR Intrinsic
Investors, a division of hedge-fund giant SAC Capital. He
was convicted February 6 for using inside information
about a clinical trial of a new drug for Alzheimer’s disease
by Elan Corp and Wyeth.
Using the information, SAC sold its shares before the
results of the trial appeared and made profits worth $276
million, according to the prosecution.
The forfeiture is based on the bonus of $9,380,322,
Martoma received in 2008 for his role in the insider trading activities.
‘Martoma was the central figure in the most lucrative
insider trading scheme ever charged,’ Bharara said.
‘Over a period of approximately 18 months, the defendant
cultivated and corrupted two doctors legally bound to
guard confidential information concerning a high-profile
drug trial, ultimately obtaining an advance preview of the
highly anticipated public announcement of the results.’
Martoma’s lawyers argued he should be sentenced only
for his $6.3 million of personal profit from his trades, for a
recommended prison term as short as three to five years.
Martoma’s unlawful trading was ‘far narrower in many
important respects than the unlawful trading in nearly all
other recent insider trading cases,’ his attorney Richard
Strasberg noted in his request to Judge Gardephe.
Strasberg said more than 100 people have written letters
in support of Martoma. ‘Those letters speak with one voice
in describing Mr Martoma as a uniquely devoted husband
and father, a man who puts his family above all else — the
glue that holds together three young children ages 8,7,4…’
Martoma was expelled from Harvard in 1999 for allegedly doctoring his law school transcript to try to gain a federal clerkship. He changed his name from Ajai Mathew
Thomas to Martoma before applying to Stanford, where he
got his MBA. After the Harvard incident became public
after the insider case, Stanford’s business school stripped
him of his MBA degree.
pay fine Mathew Martoma and his wife Rosemary in Manhattan, February 6.
Sumani Dash helms CII-USA and Canada