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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka state bank inflated stock buy causes concern: legislator

Sri Lanka state bank inflated stock buy causes concern: legislator

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

May 02, 2012 (LBO) - Sri Lanka's main opposition United National Party has raised concerns over the purchase of stock of a loss making finance company by a state bank at a steep premium over market price.

"We note with serious concern the purchase of close to 8 million shares of The Finance Company by the National Savings Bank at 65 percent above its current market price," opposition legislator Harsha de Silva said in a statement.

"What logic was employed to pay Rs 49.75 for shares of this high risk and loss making financial institution when it was last traded at the Colombo Stock Exchange for only Rs 30.00 is more than a puzzle."

De Silva said The Finance Company had an accumulated loss of over 9.0 billion rupees and even if has a made a moderate profit, a 65 percent premium over market price was extremely high.

"Therefore, in the interest of the depositor base of NSB as well as the public at large, it becomes imparative that authorities provide satisfactory answers to the questions on this transaction," he said.

"In a country where its citizen's are denied the right to information and where governance principles are jack booted with impunity by people of power it becomes critically important that we as the main opposition not only raise these issues in public interest but media and civil society pressure the authorities for satisfactory answers not only to protect democracy but also economic freedom and the wealth of the people."

De Silva had earlier raised queries over purchase of stock at inflated prices by the Employees Provident Fund, a state-managed retirement fund of private citizens.
http://www.lbo.lk/fullstory.php?nid=1881325248

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Siri Lanka A land like no other Smile

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