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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » President must act to nab and expose fraudsters

President must act to nab and expose fraudsters

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sriranga

sriranga
Co-Admin
The National Savings Bank’s (NSB) purchase of shares of The Finance Company (TFC) might have passed off as just yet another unsavoury transaction on the Colombo Stock Exchange. What heightens the “stink” are the high profile identities of the parties concerned, the implications that the transaction could have on the liabilities of the Government of Sri Lanka and the soundness of the banking system and, with the subsequent executive orders that the transaction should not be “completed”, the very integrity of the settlement system of Colombo’s stock market.

The transaction itself is blatantly obscene. The NSB has purchased a significant block of shares of TFC, which is no more than a distressed finance company. The purchase has been made at a price, which is significantly in excess of its previously traded price (and executed at the final price through several “manipulated” trades.) The “sellers” are led by the CEO of the stock broking firm who has been in the thick of several questionable deals in the past, and who represented the buyers and the sellers to the transactions, and is also a director of TFC – all of which point to an arranged deal.

Such manipulated deals have become a commonplace in the Colombo stock market. Dozens more can be unearthed, where government-controlled pension funds have been the buyer of junk stock, time and again. As is usual in such cases, eyebrows were raised and the issues conveniently forgotten thereafter. However, this transaction, if any, should be of public concern and outrage.

Firstly, its impact on the credibility of the NSB and the integrity of the financial system as a whole is inestimable. Until now, the NSB has been perceived of as a “safe” bank, and was probably the financial institution that enjoyed the greatest degree of public confidence. It was truly the bank of the people. The Government of Sri Lanka has guaranteed the deposits in terms of the law. This deal now questions whether that confidence is any longer justified.

If the rot has set in, what is the guarantee that it will not happen again, particularly if those responsible for the transaction are not effectively dealt with? Even if one accepts the unprecedented and unwarranted explanations of the Chairman and the CEO of TFC justifying the purchase of shares of their own company, the NSB is certainly not the financial institution that can be used as the guinea pig for financial experimentation. Perceptions are paramount in financial markets and this transaction undermines the integrity of the institution. Also, if there was hidden value, which was certainly not apparent to the public, were the parties to the deal, being insiders, acting on unpublished price sensitive information?
The transaction also raises questions on the process of selection of directors of banks, and most certainly of state banks. Are they based on ability or merely as a quid pro quo for favours delivered and anticipated?

The directions of the Central Bank require that directors of banks should be “fit and proper”. The Central Bank has been quick to disqualify several persons in the past on the grounds that they have not been fit and proper to hold positions as directors and senior officers of banks, even on the premise that they have not resisted orders from all-powerful chairmen. In that context, what, for instance, is the basis for having ruled the Chairman of the NSB as being “fit and proper”? Was it his educational qualifications, if he has any? Was it his past record at the several companies in which he was previously employed? Or was it the board minutes of the last state owned institution, which he chaired, which contain many references by his co-directors to his commissions and omissions? Or is it merely that he is above the law because he is wedded to a Justice? And he is merely just one example, there being many more similarly appointed by the Government to the boards of financial institutions.

Thirdly, the response of the government has been rash and will not auger well for the future of the Colombo Stock Exchange. While no person with any sense of propriety would try to justify the transaction, refusal to honour payment on a transaction executed on the floor of the Exchange will only result in severely undermining investor confidence. One of the primary concerns of investors, and particularly foreign investors is whether transactions could fail, especially since the Colombo Stock Exchange does not practice the concept of Delivery versus Payment. Until now the Exchange could justifiably boast that there were no failed trades. However, this transaction has ended that claim. It is likely that this incident will contribute towards a further erosion of investor confidence, a luxury that the Colombo Stock Exchange can ill afford when the market is already struggling to hold its own.

From all accounts in the media, the President himself has intervened to have this transaction investigated. Being the Minister in charge of Finance the responsibility for the subject falls on his lap. Although the temptation to reverse the transaction is probably a natural reaction it would be more prudent to deal with it rationally and within the law, i.e. hold those behind the transaction responsible for it, declare them ALL to be unfit to hold positions as directors of financial institutions, and compel the sellers to repurchase the shares on the market at the price at which it was sold to NSB. Acting outside the rules will cause irreparable damage to the credibility of the market. Similarly, sweeping it under the carpet will not only undermine his credibility but also fuel the rumours that the executive is compelled to pander to certain members of the judiciary.

(The writer is an investor in the market, worried about its recent happenings. He wished to remain anonymous).
http://www.sundaytimes.lk/120513/BusinessTimes/bt08.html

http://sharemarket-srilanka.blogspot.co.uk/

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Our president can appoint commissions and commissions will do time passing inquiries.
Need to be punished in the court and strip their civil status for their rest of the life.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
If he is really interested, he need not to look far. Very Happy

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
I think all these problems could have been avoided if we had good governance in the country. Precident has no time to watch day to day funtions of all state institutions.

manula


Vice President - Equity Analytics
Vice President - Equity Analytics
where is the good goverance... all heads are politocal henchman... they know they have limited time and trying to rob what they can..

previousley saying country is first before us... but now ???

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Rajaraam wrote:I think all these problems could have been avoided if we had good governance in the country. Precident has no time to watch day to day funtions of all state institutions.
The Best Joke I have heard after a very long time (try to keep fooling you and others)! Very Happy

K.Haputantri

K.Haputantri
Co-Admin
This is a well balanced article on the TFC share scam written by an expert who wishes to be anonymous for obvious reasons. What a pity? I am ashamed to be a Sri Lankan. Wrong doers are allowed to go scot free while whistle blowers have to hide in this country.

I hope immediate attention of the authorities including the Chairman SEC & Finance Ministry will be drawn to it. If not investors will have to initiate public interest litigation against all responsible parties.

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
@Redbulls wrote:Our president can appoint commissions and commissions will do time passing inquiries.
Need to be punished in the court and strip their civil status for their rest of the life.
I agree: Commissions of enquiry are useless unless they arrive at conclusions fast because 'justice delayed is justice denied'.

The guilty need to be stripped (and I don't mean only of their civil status) and whipped in public.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Antonym wrote:The guilty need to be stripped (and I don't mean only of their civil status) and whipped in public.
Who will cast the First Stone ? Very Happy

CHRONICLE™

CHRONICLE™
Admin
Following action should be taken against the fraudsters.

Pradeep Kariyawasam
Removed from NSB Board. Prevented from holding public office. Also government should stipe his civic rights.

Dinal Wijemanne
Removed from board of The Finance, Taprobane and all other listed companies and prevented from being a director of a listed company or getting involved in the stock brokering industry. SEC also charge him for insider dealing and cancel his investment advisor license.

Raynor Silva
He should be prevented from being a director of a listed company and getting involved in the stock brokering or financial industry.

Ajith Devasurendra.
Prevented from acting in the capacity of director in any of the listed companies. He should also be removed from the Central Bank Expert Committee and included in a new committee to be name as Central Bank Fraudsters Committee.

Taprobane Securities
SEC should revoke the Stock Brokering License and all directors should be prevented from getting involved in the stock brokering or financial industry.

All persons who were directly and indirectly involved in the transaction should be declared as Unfit and Improper persons by the Central Bank. This list should include, Yoga Perera, N. Perera, Anura Fernando, Preethi Jayawardena and Yatawara.



Last edited by Avinash on Sun May 13, 2012 8:57 am; edited 4 times in total

https://www.srilankachronicle.com

manula


Vice President - Equity Analytics
Vice President - Equity Analytics
source : www.lankaenews.com

Who will be axe... all are most influncetial pepole...read and see

ජාතික ඉතිරි කිරීමේ බැංකුව විසින් ද ෆිනෑන්ස් සමාගමේ කොටස් හිමියන් පහළොස් දෙනකුට අයත් කොටස් මිලයන 7.986ක සංඛ්‍යාවක් කෘත‍්‍රිම ලෙස ඉහළ නංවන ලද අධි මිලක් ගෙවා මිලදී ගැනීමේ සිදුවීමත් සමඟ රටේ බැංකු ක්ෂේත‍්‍රයේ, කොටස් වෙළෙඳපොළෙහි පමණක් නොව විධායකය හා අධිකරණය යන ආයතන අතරද බලවත් ව්‍යාකූලතාවක් ඇතිවන ලකුණු පෙනෙන්නට තිබේ.

ජාතික ඉතිරි කිරීමේ බැංකුව විසින් මිලදී ගත් ද ෆිනෑන්ස් සමාගමේ එක් කොටසක සත්‍ය වටිනාකම රුපියල් 30-32 අතර වූ නමුත් බැංකුව විසින් ඒවා මිලදී ගෙන ඇත්තේ කොටසක් රුපියල් 50කට ආසන්න වන අධි මිලකටය. මේ සඳහා රුපියල් මිලියන 390ක් ද ෆිනෑන්ස් සමාගමට ගෙවීමට ජාතික ඉතිරි කිරිමේ බැංකුව කටයුතු කළේය. එම මුදල සම්පත් බැංකුව විසින් ද ෆිනැන්ස් සමාගමේ කෙටස් විකුණුම්කරුවන්ට දැනටමත් ගෙවා තිබේ.

මෙම ගනුදෙනුව නීති විරෝධී මෙන්ම සදාචාර විරෝධී බවට විවිධ පාර්ශවවලින් අවධාරණය කිරීමත් සමඟ ජනාධිපතිවරයා ගනුදෙනුව අත්හිටුවීමට කටයුතු කළේය. ගනුදෙනුව අත්හිටවීම නිසා තමන් විසින් ද ෆිනෑන්ස් විකුණුම්කරුවන්ට ගෙනව ලද මුදල නැවත අයකර ගැනීම පිළිබඳව සම්පත් බැංකුවද ගැටලූවකට මුහුණ පා සිටී. කෙසේ වෙතත් ඒ සම්බන්ධයෙන් නඩු පවරා කටයුතු කිරීමට එම බැංකුව සූදානම් වන බව වාර්තා වේ.

මෙම ගනුදෙනුවේ නීතායනුකූලභාවය පිළිබඳව විමර්ශනයක් කිරීමට සූදානම් වන බව සුරැකුම්පත් හා විනිමය කොමිෂන් සභාවේ සභාපති තිලක් කරුණාරත්න මහතා මේ වනවිටත් ප‍්‍රකාශ කොට ඇති අතර ජනාධිපතිවරයා මේ සම්බන්ධයෙන් ගන්නා වූ ඉදිරි තීරණ ගැනද වාණිජ ක්ෂේත‍්‍රයේ දැඩි අවධානයක් පවතී.

කොටස් ගනුදෙනුවට ප‍්‍රමුඛව සම්බන්ධ වී ඇති බවට වාර්තා වන ජාතික ඉතිරි කිරීමේ බැංකුවේ සභාපති ප‍්‍රදීප් කාරියවසම් මහතා ජනාධිපතිවරයා විසින් එම තනතුරට පත්කරන ලද්දකු වන අතර ඔහු අගවිනිසුරු ශිරාණි බණ්ඩාරනායක මහත්මියගේ ස්වාමිපුරුෂයාය. මේ තත්ත්වය නිසා ඔහුට විරුද්ධව ජනාධිපතිවරයා විසින් ගන්නා තීරණය වැදගත්ය.

ද ෆිනෑන්ස් සමාගමේ අදාළ කොටස් ප‍්‍රමාණයෙන් අතිශය බහුතරයක් පුද්්ගලයන් 4 දෙනෙකුට අයත් වෙයි. ඔවුන් නම් දිනාල් විජේමාන්න, රෙනෝ ද සිල්වා. නන්දදේව පෙරේරාසහ යෝගා පෙරේරාය. මේයින් දිනාල් විජේමාන්න මහතා මෙම කොටස් ගනුදෙනුවේ සම්බන්ධයෙන් තැරැව්කරුවන් ලෙස කටයුතු කළ තැප්‍රොබේන්, සෙකියුරිටීස් සමාගමේ ප‍්‍රධාන විධායක නිලධාරියාය. එසේම රෙනෝ ද සිල්වා පාර්ලිමේන්තු මන්ත‍්‍රී දුමින්ද සිල්වා මහතාගේ සොහොයුරා වන අතර හිරු ගුවන් විදුලි ජාලය හිමි ඒබීසී මාධ්‍ය සමාගමේ අයිතිකරුද වේ.

කොටස් වෙළෙඳපොළ ගනුදෙනුවක් ජනාධිපතිවරයා මැදිහත්ව අත්හිටුවීමක් තැරැුව්කාර සමාගමක නිලධාරීයකු සතු කොටස් මිලදී ගැනීම සඳහා ජාතික ඉතිරි කිරීමේ බැංකුවට යෝජනාවක් ඉදිරිපත් කිරීමත් සම්බන්ධයෙන් ව්‍යාපාරයේ ක්ෂේත‍්‍රයේ බොහෝ දෙනෙක් දැඩි අවධානයක් යොමු කර තිබෙන බවද වාර්තාවේ.

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
@Kithsiri wrote:
@Rajaraam wrote:I think all these problems could have been avoided if we had good governance in the country. Precident has no time to watch day to day funtions of all state institutions.
The Best Joke I have heard after a very long time (try to keep fooling you and others)! Very Happy


Dear kithsiri, your above statment is the biggest joke than any one else. That indicates your inability to understand a content of a post properly. What I meant was If good governance has been established the system is controlled by itself. No need President or Ministers to attend on any issue personaly. That is why ppl repeatedly request to establish good governance. Any one can understand as a human being MR or any person cant attend to all kind of matters personaly as no one could find sufficient time to do so. Do you think that he has issues only relating to stock market? Answer is good governance my friend. Try to understand the content before criticizing others post.

manula


Vice President - Equity Analytics
Vice President - Equity Analytics
main thing from here ... as i know any chairman or sectray of a minstry have a limit they can sign for the money related matters ...some thing around less than 50 laksh if i am correct... but for bigger amount approval has to go to cabinet and presdient has to signed finally... so who has approved this deal ???? Big question???Sad Sad

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
@manula wrote:main thing from here ... as i know any chairman or sectray of a minstry have a limit they can sign for the money related matters ...some thing around less than 50 laksh if i am correct... but for bigger amount approval has to go to cabinet and presdient has to signed finally... so who has approved this deal ???? Big question???Sad Sad

No manula. That is about tenders. Still the limits are higher than that you mentioned. According to present procederes Precident's approval is not required for payments and for very big tenders Cabinet approval is required only to award the tender. But NSB's recent case is below 400 mln. As a bank the Board of Directors can grant approval for it's investment plans. But the problem here is as reported in the media prior approval of the Board has not been taken for this deal. That is why I am saying that If good governance had been established all transactions are more transperent and Chairmen/CEOs are unable to ruin the state institutions like this.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
People are only talking about Good governance & no action ?

This reminds me a friend of mine who adores MR and worships his picture was looking for some big amount of Money. Finally he admitted that he needs to give that to someone to get his child admitted to a school in Colombo. Shocked

Such people are more here ! Very Happy

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Rajaraam wrote:
@Kithsiri wrote:
@Rajaraam wrote:I think all these problems could have been avoided if we had good governance in the country. Precident has no time to watch day to day funtions of all state institutions.
The Best Joke I have heard after a very long time (try to keep fooling you and others)! Very Happy


Dear kithsiri, your above statment is the biggest joke than any one else. That indicates your inability to understand a content of a post properly. What I meant was If good governance has been established the system is controlled by itself. No need President or Ministers to attend on any issue personaly. That is why ppl repeatedly request to establish good governance. Any one can understand as a human being MR or any person cant attend to all kind of matters personaly as no one could find sufficient time to do so. Do you think that he has issues only relating to stock market? Answer is good governance my friend. Try to understand the content before criticizing others post.

I totaly agree with ur both posts Rajaraam.Some of the buggers can not understand the practical reality in governing a country.I think they lack experience even in managing their home affairs.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Such shameless Bards we have; and yet 'tis true,
There are as mad, abandon'd Criticks too.
The Bookful Blockhead, ignorantly read,
With Loads of Learned Lumber in his Head,
With his own Tongue still edifies his Ears,
And always List'ning to Himself appears.
All Books he reads, and all he reads assails,
From Dryden's Fables down to Durfey's Tales.
With him, most Authors steal their Works, or buy;
Garth did not write his own Dispensary.
Name a new Play, and he's the Poet's Friend,
Nay show'd his Faults - but when wou'd Poets mend?
No Place so Sacred from such Fops is barr'd,
Nor is Paul's Church more safe than Paul's Church-yard:
Nay, fly to Altars; there they'll talk you dead;
For Fools rush in where Angels fear to tread. Very Happy

K.Haputantri

K.Haputantri
Co-Admin
@rijayasooriya wrote:
@Rajaraam wrote:
@Kithsiri wrote:
@Rajaraam wrote:I think all these problems could have been avoided if we had good governance in the country. Precident has no time to watch day to day funtions of all state institutions.
The Best Joke I have heard after a very long time (try to keep fooling you and others)! Very Happy


Dear kithsiri, your above statment is the biggest joke than any one else. That indicates your inability to understand a content of a post properly. What I meant was If good governance has been established the system is controlled by itself. No need President or Ministers to attend on any issue personaly. That is why ppl repeatedly request to establish good governance. Any one can understand as a human being MR or any person cant attend to all kind of matters personaly as no one could find sufficient time to do so. Do you think that he has issues only relating to stock market? Answer is good governance my friend. Try to understand the content before criticizing others post.

I totaly agree with ur both posts Rajaraam.Some of the buggers can not understand the practical reality in governing a country.I think they lack experience even in managing their home affairs.

?Who is responsible for the current situation due to deteriorating good governonce. ?Voters or those who are in power. Kindly enlighten me sir.

manula


Vice President - Equity Analytics
Vice President - Equity Analytics
Yes MR cannot attend all the matters. but as a ruler of the country.. any minster/company chairman or any doing wrong thing he has the power to change or take action as excutive president.. As you know many thing happen every day in our country ..but any action taken yet.. If he has taken action in the begining it will be easy for him and other also know the limit. Then he does not have to watch day to day functions of all state instiutiuons.

kam2011


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@K.Haputantri wrote:
@rijayasooriya wrote:
@Rajaraam wrote:
@Kithsiri wrote:
@Rajaraam wrote:I think all these problems could have been avoided if we had good governance in the country. Precident has no time to watch day to day funtions of all state institutions.
The Best Joke I have heard after a very long time (try to keep fooling you and others)! Very Happy


Dear kithsiri, your above statment is the biggest joke than any one else. That indicates your inability to understand a content of a post properly. What I meant was If good governance has been established the system is controlled by itself. No need President or Ministers to attend on any issue personaly. That is why ppl repeatedly request to establish good governance. Any one can understand as a human being MR or any person cant attend to all kind of matters personaly as no one could find sufficient time to do so. Do you think that he has issues only relating to stock market? Answer is good governance my friend. Try to understand the content before criticizing others post.

I totaly agree with ur both posts Rajaraam.Some of the buggers can not understand the practical reality in governing a country.I think they lack experience even in managing their home affairs.

?Who is responsible for the current situation due to deteriorating good governonce. ?Voters or those who are in power. Kindly enlighten me sir.


All parties who rulled this country since indefendence and voters are responsible . Opposition parties too have failed to perform their duties as we can see today.

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