Feeds

Software tycoon ‘flees Tamil Tigers’

So why did he run away to Sri Lanka?

  • alert
  • submit to reddit

Bridging the IT gap between rising business demands and ageing tools

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. ®

Build a business case: developing custom apps

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 ran off to IBM
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
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
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
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.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.