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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ »  Tilak to reveal all if probe is stifled

Tilak to reveal all if probe is stifled

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1 Tilak to reveal all if probe is stifled Empty Tilak to reveal all if probe is stifled Sat Aug 25, 2012 12:29 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Former Securities and Exchange Commission (SEC) Chairman Thilak Karunaratne whose resignation caused a storm said he was willing to come forward one day and reveal facts and figures of the alleged malpractices in the Colombo Stock Exchange.

“Yes I’m willing to come out with the facts and figures, I have nothing to hide and I have no skeletons in my closet like many others,” he told the Daily Mirror.

Mr. Karunaratne made these comments when he was asked if he would be willing to come forward and disclose the names of those who are alleged to have committed “white collar crimes” if the investigations were swept under the carpet.

He said what happened in the CSE between June and December 2010 was “day light robbery.”

“Yes of course, this was most certainly day light robbery. During the conflict the market was dull and there was quite rightly euphoria after the war ended. Then the market gradually rose up. Then suddenly we find that between June and December 2010 it shot up suddenly. And this was due to manipulation. What they did was they found certain stocks which are not liquid. These stocks have no intrinsic value and they started manipulating and arbitrarily increasing the price by having trades among themselves and their crony brokers. Then what happened is that others -- the innocent, ignorant investors who were also directed by these crony brokers bought stocks wanting to make a killing and in the end were duped.”

He said that many people with a high level of integrity involved in the state sector had left their jobs due to pressure.

“Many respected professionals have left and told me that they too had to face the same fate. But I was the only one who was able to create a stir,” Mr. Karunaratne said.

He said many people accused of wrong doings still survive in top positions due to patronage by the powers that be.

“Take the Central Bank for example. It is run by an accountant when it should be an economist running it and now everything seems to have fallen apart. I shudder to think what would have happened if we won the Commonwealth games bid so vehemently supported by the CB Governor. A lot of guys accused of wrongdoing still survive and many with integrity have left in disgust,” he said.

Mr. Karunarathne said today was a disappointed man.

“When I accepted this post in December last year, I had a lot of hope and expectations that I will be able to do something constructive to put the Colombo Stock Market on the right track in reaching greater heights. Today I’m a disappointed man. I tried my best but I didn’t get the support from the people who appointed me to this position and under the circumstances I had no choice but to resign" he said. ( By Hafeel Farisz)
http://dailymirror.lk/news/21413-tilak-to-reveal-all-if-probe-is-stifled.html

jaya


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
http://www.dailymirror.lk/news/21413-tilak-to-reveal-all-if-probe-is-stifled.html

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
"I shudder to think what would have happened if we won the Commonwealth
games bid so vehemently supported by the CB Governor. A lot of guys
accused of wrongdoing still survive and many with integrity have left in
disgust".



I think some superior power above and causality saved us from this catastrophe ( financial ruins) compared to what they saw as short term gains.

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
Some high level government officials are being hired by top politicians to convey their political message in different form.
People who have a strong backbone will not stay when they are influenced to do political agendas.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Gallant statement from Dr.TK , proving his own integrity which cannot be seen among top level officials. Your valiant stride would definitely set an example for future leaders. Such a disclosure helps many to realize how the majority is constantly deceived or hoodwinked by handful of crooks.

Are there coffers to store such black money in heavens or ...........,for the use of next........??

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