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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Dr. Godahewa says will continue investigations

Dr. Godahewa says will continue investigations

+4
D.G.Dayaratne
bullrun
VISA
sriranga
8 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin

* New SEC Chairman clueless about
appointment?
* Analysts: 17 investigations an indicator of Dr. Godahewa’s performance, not ASPI


Newly appointed Chairman of the Securities and Exchange Commission (SEC) did not know until the very last moment that the government had appointed him to the important position left vacant by Thilak Karunaratne, who resigned due to pressure exerted by some high net worth investors and their crony brokers, as did his predecessor Ms. Indrani Sugathadasa.

The Island Financial Review spoke to Dr. Godahewa on Tuesday night. Our question to him was; "Would you accept the post of SEC Chairman if it was offered to you?" His response; "There is nothing I can say because no one has asked me yet." A few hours later news reached the news desk that he had been appointed with immediate effect. Which means Dr. Godahewa may have not been consulted and had less than an hour or so to decide.

It was widely speculated that Godahewa would be given the tough assignment after he was seen offloading his shares and resigning from top positions in firms linked to controversial investor Dilith Jayaweera. It was still unclear whether he would continue to function as the Chairman of the Sri Lanka Tourism Development Authority Chairman.

He commenced duties yesterday afternoon.

We spoke to him briefly last evening and he wanted a few more days to familiarise himself with his new role before speaking to the media. In response to our query on the ongoing investigations, Dr. Godahewa said he would continue them.

Several brokers and analysts have already pointed out in the media that the stock exchange slump followed after the Central Bank was forced to take action without further delay to counter a growing credit bubble which threatened the country’s reserves and balance of payments. The belated corrective measures hit interest rates, the rupee and cost of living and, with credit tightening, the stock exchange.

Instead of looking at the fundamentals, certain groups pinned the blame on the SEC.

Those being investigated for market offences and their crony brokers then used the media and emails to show that the SEC was investigating market offences and creating a fear psychosis in the market. Whereas the SEC had always declined to comment on any investigations and have answered our constant queries with a ‘no comment’, adding that it could not say whether investigations were taking place or not.

Former Chairman Karunaratne only told the press that 17 investigations were on and that the SEC was under immense pressure, with calls from top officials for him to resign. He did this with the sole objective of creating awareness among the public. The parliamentary Committee on Public Enterprises commended him for his work and has said the SEC needed more teeth to counter the ‘stock exchange mafia’.

Various emails from gmail accounts are doing the rounds these days blaming the SEC and the media for being unpatriotic and anti-government in the way the issue was reported. They said it was bad for the country’s image because it created negative

perceptions about the country’s bourse, preferring instead that the SEC and media remain silent, that honourable officials should resign quietly and quickly.

Some analysts are disappointed with Dr. Godahewa’s appointed because of his former business connections. Although he has resigned and offloaded his shares in these companies, his personal relationships however would be intact. However, these same analysts were quick to point out that Dr. Godahewa should not be pre-judged, that he should be given the opportunity to do his best for the country’s capital market. The outcome of the 17 investigations would be his acid test.

"Thanks to Karunaratne, we have a number. 17 investigations there are at the beginning of Dr. Godahewa’s tenure as SEC Chairman. This is a great indicator to monitor the new look SEC Commission without getting hung up on how the ASPI moves," one broker said.

"We are now living in a country where the mere call to crack down on illegal activities is deemed to be anti government and unpatriotic. We hope and expect Dr. Godahewa to do the right thing," an analyst pointed out.

Meanwhile, a list of companies of which share transactions were under investigation by the SEC was reported in the media yesterday. Dr. Godahewa was Chairman of Colombo Land Development Company PLC.

The full list: Environment Resources Investments, Mirmar Beach Hotel PLC, National Lanka Finance Corporation, Huejay International, MTD Walkers PLC, Confifi Hotel Holdings, SMB Leasing, DPC Blue Twod & GREG, Hotel Reef Comber, Sommerville Stockbrokers, (PVT.) Ltd, Watapota Investments, Colombo Land and Development Company, Alutab Ltd, Pan Asian Power Ltd, Nation Lanka Finance, Deepes Merchant Ltd., Swarnamahal Financial Services, East West Properties Traders, Taprobane Securities (PVT) Ltd., Nawaloka Hospitals PLC, Union Bank PLC and Blue Diamond Jewellery Worldwide. Mahaweli Reach Hotels, Ascot Holdings, Singer Finance, Radiant Gems, On’ally Holdings, Asian Finance, Asia Assets Finance and Acme Printing and Packaging Ltd, MTD Walkers PLC.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=60324

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

VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

"The Island Financial Review spoke to Dr. Godahewa on Tuesday night. Our question to him was; "Would you accept the post of SEC Chairman if it was offered to you?" His response; "There is nothing I can say because no one has asked me yet." A few hours later news reached the news desk that he had been appointed with immediate effect. Which means Dr. Godahewa may have not been consulted and had less than an hour or so to decide."

Why should he tell any thing to The Island. i see this is a very good sign in part of Mr. Godahewa. Sec chairman need not answer any news paper. newspapers also has there own interest. You can see how news paper reports mislead investors.

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

SEC chairperson should not reveal each and every penny things to media. Their agenda is different. If they can report a huge disaster first to others they will be happy. I feel they are expecting such situations to do their great service!
They will just report anything without doing any help to the affected party, even if they are in a position to help in big letters in their papers and be happy for the reason that they reported first.

So he should not reveal unnecessary things to media until a final decision is taken for any action. No press conferences please.

D.G.Dayaratne


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

I fully agree with you
Pl use Dr K's experiance
PRESS PEOPLE WILL DO SAME THING TO THE MARKET AGAIN.
most PEOPLE DID NOT KNOW WHO WAS SEC CHAIRMAN BEFORE
Mrs Sugathadasa.

Taste of the pudding is eating Will see.

K.Haputantri

K.Haputantri
Co-Admin

Now that NG has been appointed fulfilling the wishes of some of us, I am anxiously waiting to see results expected by all of us, a genuine bull run. confused

The Island has shed the first light on what is to be expected from NG. Hats off The Island. Continue the good work, impartial reporting. sunny

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Talking is easy.
Walking the Talk is not.
Let's hope that he too will not join the group of his predecessors ( in turn of not being able to walk the talk ). Very Happy

ughettiarachchi


Stock Analytic
Stock Analytic

Dr Godahewa please stay away from press. We have seen press reporting many of your speeches related to Tourism delivered at various forums. Have not seen many interviews or press conferences. Hope you will do the same at SEC. The two previous chair persons particularly the last one loved media hype. We saw even him assuming duties on TV. Hope you too will not get this into your head.

D.G.Dayaratne


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

Dr Godahewa My share account shows a profit after long time
Thank you
Prof Ediriweera Sarachchndr said in his first lecture in 1964

"LAMAYNE KARANADE DE NOWEY WEDAGATH KARANA HETI"
I think Mrs S was not in PERADENIYA and Dr K was not in arts faculty.

They did not know about this

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

D.G.Dayaratne wrote:Dr Godahewa My share account shows a profit after long time
Thank you
Prof Ediriweera Sarachchndr said in his first lecture in 1964

"LAMAYNE KARANADE DE NOWEY WEDAGATH KARANA HETI"
I think Mrs S was not in PERADENIYA and Dr K was not in arts faculty.

They did not know about this

What the legend said is very correct. Thanks for reminding Daya. Yes both Mrs S and Dr K did good service but implementation had issues.

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

D.G.Dayaratne wrote:Dr Godahewa My share account shows a profit after long time
Thank you
Prof Ediriweera Sarachchndr said in his first lecture in 1964

"LAMAYNE KARANADE DE NOWEY WEDAGATH KARANA HETI"
I think Mrs S was not in PERADENIYA and Dr K was not in arts faculty.

They did not know about this

I would like to add little more. Some of the retailers got into trouble having known very well that they are going after speculative shares which have no fundamental value. I remember when sudden upward is there the company itself issued statement stating that there is no reason to upward movements. Both the former chairmen were so upset about those investors and tried to find the way to safeguard them by curbing the big investors. In a single word they wanted to save parasite by killing the animal from which they get deeded.

D.G.Dayaratne


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

What i feel is Brokers credit limitations highly effected only in case of retail investors
Some brokers also strictly implemented credit limitation on retail buyers
purpose was to hit the market and get their demands from the govt.
and show Mrs S can,t handle

Any way no purpose talking past But Mr Godahewa can use these experience

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