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Tilak Karu, Varuna Epasinghe to steer SEC
December 5, 2011, 7:28 pm
By Ravi Ladduwahetty
Former Sri Lanka Freedom Party, United National party and Sihala Urumaya Member of Parliament, Chartered Chemist cum Managing Director of Multiform Chemicals (Pvt) Ltd, Tilak Karunaratne will be the next Chairman of the Sri Lanka’s troubled Securities and Exchange Commission (SEC), government sources told The Island Financial Review yesterday.
There was speculation in the market towards Karunaratne’s appointment and government sources confirmed the appointment yesterday. However, Karunaratne, when contacted, said that he has not been officially intimated towards the new appointment yet
"He will take up his appointment during this week, despite protests from some quarters of the investor community", sources said.
Meanwhile, the government also considering appointing, Varuna Epasinhe as the new Director General of the Commission. Varuna Epasinhe is the son of Presidential Advisor and Chairman, ICT Agency of Sri Lanka (ICTA) Prof. P. W. Epasinghe and is presently a United States Fund Manager. He is expected to take over the appointment at the end of this year or early next year, they said.
Market sources said that he will use his experience in the US to steer the regulatory body.
The Island Financial Review also understands reliably that former SEC Chairman Indrani Sugathadasa had expressed her desire to be Bank of Ceylon Chairperson, but the offer had been declined politely.
Market sources are also shocked that the Commission had invited applications in both the print media and electronic media and that there were 20 applications for the last fortnight but they had not even been opened yet. The closing date for submitting applications fell yesterday.
They said in disdain that the calling of the application from the market was all eyewash for the benefit of the market, but the government had the candidate in mind. "That was the same manner in which former Director General Malik Cader was also appointed to the post, they said in absolute amusement.
-QUOTED FROM THE ISLAND-06-12-2011
December 5, 2011, 7:28 pm
By Ravi Ladduwahetty
Former Sri Lanka Freedom Party, United National party and Sihala Urumaya Member of Parliament, Chartered Chemist cum Managing Director of Multiform Chemicals (Pvt) Ltd, Tilak Karunaratne will be the next Chairman of the Sri Lanka’s troubled Securities and Exchange Commission (SEC), government sources told The Island Financial Review yesterday.
There was speculation in the market towards Karunaratne’s appointment and government sources confirmed the appointment yesterday. However, Karunaratne, when contacted, said that he has not been officially intimated towards the new appointment yet
"He will take up his appointment during this week, despite protests from some quarters of the investor community", sources said.
Meanwhile, the government also considering appointing, Varuna Epasinhe as the new Director General of the Commission. Varuna Epasinhe is the son of Presidential Advisor and Chairman, ICT Agency of Sri Lanka (ICTA) Prof. P. W. Epasinghe and is presently a United States Fund Manager. He is expected to take over the appointment at the end of this year or early next year, they said.
Market sources said that he will use his experience in the US to steer the regulatory body.
The Island Financial Review also understands reliably that former SEC Chairman Indrani Sugathadasa had expressed her desire to be Bank of Ceylon Chairperson, but the offer had been declined politely.
Market sources are also shocked that the Commission had invited applications in both the print media and electronic media and that there were 20 applications for the last fortnight but they had not even been opened yet. The closing date for submitting applications fell yesterday.
They said in disdain that the calling of the application from the market was all eyewash for the benefit of the market, but the government had the candidate in mind. "That was the same manner in which former Director General Malik Cader was also appointed to the post, they said in absolute amusement.
-QUOTED FROM THE ISLAND-06-12-2011
