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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Insulted by Dilith’s comments Former SEC head says...

Insulted by Dilith’s comments Former SEC head says...

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1Insulted by Dilith’s comments Former SEC head says... Empty Wrong inference irks former regulators Mon Aug 27, 2012 10:06 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By Azhar Razak


“I’m no baby to be misled”, says Sugathadasa

The two former Chairpersons of the Securities and Exchange Commission of Sri Lanka (SEC) have strongly refuted the claim made by Advertising industry specialist turned investor, Dilith Jayaweera that they might have been misled by officers within the SEC Secretariat who had their personal agendas when carrying out their duties.

“How lame for him to assume such a thing? This is irritating. I can assure you that there was no pressure at all and all that I did was through my own conscience,” fumed Tilak Karunaratne.

Meanwhile, Karunaratne’s predecessor, Indrani Sugathadasa said that she actually felt humiliated by this assumption.
“I don’t agree with it all. It’s not true. I was there for about 18 months, whatever the decisions we made at the commission meetings, we made sure that we made them only after consulting all the stakeholders including the Colombo Stockbrokers Association (CSBA). And therefore his assessment is not true. I am not a baby to be misled,” she asserted.

She further pointed out that she was at the helm of SEC after a 33-year-long career where she had worked with different kinds of people whilst she was well qualified academically as well.
The SEC consists of ten non-executive members and operates through a Secretariat headed by a Director General. The non-executive members constitute the policy making arm of the SEC.

Six members are appointed to the Commission by the Minister of Finance taking into consideration the wide experience and vast knowledge they possess in legal, financial, business and administrative matters. The seventh appointed member is the Deputy Governor of the Central Bank of Sri Lanka. The remaining three are members by virtue of the offices they hold and are the Deputy Secretary to the Treasury, the Registrar of Companies and the President of the Institute of Chartered Accountants of Sri Lanka.The Minister nominates from amongst the members of the Commission, one member to be the Chairman of the Commission.
http://www.nation.lk/edition/biz-news/item/9795-wrong-inference-irks-former-regulators.html

K.Haputantri

K.Haputantri
Co-Admin
Insulted by Dilith’s comments
Former SEC head says...
The Island - August 27, 2012, 8:06 pm

Former Chairperson of the Securities and Exchange Commission of Sri Lanka (SEC) Ms. Indrani Sugathadasa says she wasn’t a gullible child so as to be misled by officials of the SEC.

She made this comment in response to allegations levelled by controversial investor Dilith Jayaweera at a recent meeting with the media that both Ms. Sugathadasa and her successor Thilak Karunaratne, while being honest and competent, were misled by officials of the SEC.

Ms. Sugathadasa said there was no truth to this and that she felt insulted by Jayaweera’s comments.

A respected senior official in the public service with over thirty years of experience, she said she placed a signature on official SEC documents and letters only after verifying all the details herself, and that there was no room for anyone to mislead her.

"If anyone suggests otherwise, I consider it to be a grave insult to my person," Ms. Sugathadasa said speaking Shyam Nuwan Ganewatte of our sister paper the ‘Divaina’.

Both Ms. Sugathadasa and Karunaratne resigned within a year of each other as their attempts to clean up the country’s stock exchange met with stiff resistance by a group of influential investors and their crony stockbrokers.

Karunaratne speaking to The Island Financial Review last week rubbished Jayaweera’s allegation as well.

hettihewa


Senior Equity Analytic
Senior Equity Analytic
INCRIMINATING EVIDENCE IN TILAK KARUNARATNE’S INTERVIEWS:



1) Daily Mirror interview with Hafeel Farisz (Opinion) on August 27, 2012 :

Q: And so these very people who appointed you didn’t let you do your job ?

A:……and also at our first commission meeting itself under my chairmanship we called all directors of the commission to give us an update about the progress they have made in the past six months. So when the Director investigations came for the meeting he told us that he didn’t do any work for the past six months. So we asked him why. He said he was asked to stop work. The commission was really surprised because there was no decision to stop or soft peddle any of the investigations. He said that he was told by a former high official to soft peddle investigations.



………………………………………………………………………………………………………………………

2) Sunday Leader interview with Frederica Jansz (Spotlight) on August 26, 2012 :

Q: Who is the Director Investigations? And who gave him such an order ?

A: The Director Investigations is Dhammika Perera. He said he was asked to cease or put a stop to investigations. The order had come from the previous DG Mailk Cader.


Q: Malik Cader asked him to stop the investigations ?

A: That he was asked to cease or put a stop to the investigations. So then the commission – not me – the commission decided, no it should not be so that we must recommence the investigations….



In Retrospect:


* MALIK CADER ORDERS DHAMMIKA PERERA. DIRECTOR INVESTIGATIONS TO STOP/CEASE INVESTIGATIONS.

* DHAMMIKA PERERA, STOPS/CEASES INVESTIGATIONS FOR 6 MONTHS.

* MALIK CADER REMOVED.

* MRS INDRANI SUGATHADASA RESIGNS ON PRINCIPAL.



Possible conclusion:

If Dhammika Perera was ordered by Malik Cader to stop investigations…
and if Malik Cader was removed under a cloud…
and if Indrani Sugathadasa resigned on principal at the same time…

THEN
Is the assumption correct that:
1) Indrani Sugathadasa was in agreement with Malik Cader ordering the stop/ceasing of investigations

2) Indrani Sugathadasa is accountable for supporting or being ignorant of Malik Cader’s influence over the Director Investigations

3) Indrani Sugathadasa has knowingly or unknowingly furthered the desire of the “Mafia” who didn’t want to be investigated.

4) Are the commissioners of the SEC who functioned during this period aware of Malik Cader’s decision ? What’s their culpability ?

5) If so, how can the commissioners continuing under Tilak Karunaratne, then change their stance and order the recommencement of investigations…

IT”S CAN OF WORMS. PLEASE INVESTIGATE FOR THE SAKE OF GOOD GOVERNANCE & TRANSPARENCY.

Sylvester1234


Senior Equity Analytic
Senior Equity Analytic
Honda Honda Sellam Elivena jameta..... Very Happy Than balagena giyama kawuda mafia

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Truth comes out of bag sooner or later slyly because of human's bad humor, irritability & sensitivity. By the time, people has forgotten the past events which allows the rulers nailed them down furtively.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@hettihewa wrote:INCRIMINATING EVIDENCE IN TILAK KARUNARATNE’S INTERVIEWS:

In Retrospect:


* MALIK CADER ORDERS DHAMMIKA PERERA. DIRECTOR INVESTIGATIONS TO STOP/CEASE INVESTIGATIONS.

* DHAMMIKA PERERA, STOPS/CEASES INVESTIGATIONS FOR 6 MONTHS.

* MALIK CADER REMOVED.

* MRS INDRANI SUGATHADASA RESIGNS ON PRINCIPAL.



Possible conclusion:

If Dhammika Perera was ordered by Malik Cader to stop investigations…
and if Malik Cader was removed under a cloud…
and if Indrani Sugathadasa resigned on principal at the same time…

THEN
Is the assumption correct that:
1) Indrani Sugathadasa was in agreement with Malik Cader ordering the stop/ceasing of investigations

2) Indrani Sugathadasa is accountable for supporting or being ignorant of Malik Cader’s influence over the Director Investigations

3) Indrani Sugathadasa has knowingly or unknowingly furthered the desire of the “Mafia” who didn’t want to be investigated.

4) Are the commissioners of the SEC who functioned during this period aware of Malik Cader’s decision ? What’s their culpability ?

5) If so, how can the commissioners continuing under Tilak Karunaratne, then change their stance and order the recommencement of investigations…

IT”S CAN OF WORMS. PLEASE INVESTIGATE FOR THE SAKE OF GOOD GOVERNANCE & TRANSPARENCY.

Nice to see you on another thread.....

What if the following scenario had taken place.....
1. Malik cader was 1st asked to stop the investigation by the highest level due to Mafia connections of HNW Crooks, then he does it and had disagreements on stopping the investigation work , he resigns and the PBJ offers him advisory role position in the MoF.
2. Ms. Indrani follows suit due to upholding her principles of what is right and wrong, mind you she is the wife of presidents secretary.I have the highest regards for her than a sorry a** HNW Crook licking on unrealised losses to the billions on their banks unable to dump on innocent retailers.
3.Mind you TK was appointed by the President, all of us know the connection between two.

the president i feel was pressured by kis kith and kin......

So TK had to do by returning the favour to his good old friend..... Very Happy

TAH

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