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. ®

The Essential Guide to IT Transformation

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
prev story

Whitepapers

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.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
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.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.