Feeds

Software tycoon ‘flees Tamil Tigers’

So why did he run away to Sri Lanka?

  • alert
  • submit to reddit

The essential guide to IT transformation

A 28-year-old man has fled the country to escape his creditors after his technology business collapsed around his ears.

Joe de Saram started his software company, Rhodium, a year ago with a loan of £2500. The company specialised in banking software and encryption technology.

At the height of the technology boom he was worth a cool £25 million. He drove a Ferrari 355 F1 and was the 62nd richest Asian in the UK.

He had offices in Sheffield and London and was planning to launch an online bank and share trading system. His company name was changed to "I Love My Encryption Technology".

But as the dotcom bubble deflated, his company ran into financial difficulties, and was finally wound up in Leeds Registry Court.

Lawyers acting for Saram's creditors said that the young ex-millionaire was thought to be in Sri Lanka, having been traced via his mobile phone.

One creditor told London freebie paper Metro that he was quite a character. She said: "There are all sorts of stories and rumours circulating about him. People are even saying that the Tamil Tigers are after him."

Leeds county court said an official liquidator will be appointed within five days of the winding up. ®

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Broadband slow and expensive? Blame Telstra says CloudFlare
Won't peer, will gouge for Internet transit
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
prev story

Whitepapers

Best practices for enterprise data
Discussing how technology providers have innovated in order to solve new challenges, creating a new framework for enterprise data.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?