FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» POSITIVES & TARGETS BY IMTIAZ BUHARDEEN
by Gowri123 Yesterday at 4:38 pm

» When will supply chain disruptions ease?
by Gowri123 Yesterday at 4:08 pm

» We’re seeing a shift toward international and value stocks, says Schwab’s Kleintop
by target1 Yesterday at 2:40 am

» Wall Street stumbles as consumer pessimism stokes growth fears
by target1 Yesterday at 2:34 am

» Free Market Capitalism vs. Crony Capitalism
by target1 Yesterday at 2:30 am

» Sri Lankan corporations reap large profits as workers and rural toilers face poverty and starvation
by CHRONICLE™ Tue Jun 28, 2022 6:37 pm

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by God Father Tue Jun 28, 2022 6:13 pm

» Derana 360 with Minister Dhammika Perera
by samaritan Tue Jun 28, 2022 1:07 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by LHW Tue Jun 28, 2022 9:24 am

» Breaking News- Kanchana to go to Qatar ; 2 more ministers off to Russia
by Beyondsenses Tue Jun 28, 2022 8:13 am

» PM thanks President Biden for assuring US support to Sri Lanka
by Beyondsenses Tue Jun 28, 2022 8:07 am

» Sri Lanka Stock Market heading toward ASPI 4500
by God Father Mon Jun 27, 2022 9:14 pm

» Why no power cuts in certain areas of Colombo?
by God Father Mon Jun 27, 2022 8:03 pm

» Expolanka to continue its winning streak
by samaritan Mon Jun 27, 2022 9:49 am

» කොළඹ රාජකීය ගොල්ෆ් සමාජය විසින් රජයේ දේපළ අවභාවිත කිරීම
by ddindika Mon Jun 27, 2022 9:33 am

» LOLC to enter the giant Indian Market
by samaritan Mon Jun 27, 2022 9:17 am

» LOLC HOLDINGS PLC (LOLC.N0000)
by CHRONICLE™ Mon Jun 27, 2022 6:46 am

» SOEs within Minimum Programme for Economic Recovery
by CHRONICLE™ Mon Jun 27, 2022 6:44 am

» COVID WAVES: Can there be another Covid-19 wave in Sri Lanka?
by CHRONICLE™ Mon Jun 27, 2022 6:36 am

» Luminex Limited lists on the Diri Savi Board after a capital raise of Rs. 250 Million
by CHRONICLE™ Mon Jun 27, 2022 6:34 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka SEC appointees should not be connected probed firms: legislator

Sri Lanka SEC appointees should not be connected probed firms: legislator

+3
aj
Hanoifortune
Malika1990
7 posters

Go down  Message [Page 1 of 1]

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Aug 30, 2012 (LBO) - Several new appointments announced to the Securities and Exchange Commission of Sri Lanka had connections to firms which were reportedly being probed, and fresh choices with professionals with a clean record should be made, a legislator has said.

"If the minister of finance was genuinely concerned in re-establishing a fair and equitable regulatory regime at the CSE would he have appointed persons with strong connections to entities being investigated for alleged securities fraud?," opposition legislator Harsha de Silva said in a statement.
"While not quite yet accusing anyone of fraud at least two of the three appointees are connected to one or more entities that media today has reported as being investigated by the SEC."

Connections

SEC chairman Nalaka Godahewa was connected to Colombo Land and Development Company, de Silva said.

Shortly before joining the SEC Godahewa resigned from George Steuarts Finance, a firm connected to Dilith Jayaweera of Divasa Equity, who has received letters from the SEC and made a presentation to the president before the ouster of the earlier SEC chief.

Godahewa was quoted as saying in the Island newspaper that he would continue investigations.

Former regulator Tilak Karunaratne has said that 17 probes were reaching their end when he was forced to resign.
A second recent SEC appointment, Priyantha Fernando was connected to Taprobane Holdings whose stock broking arm was embroiled in a cancelled deal where stock was attempted to be sold to a state bank at an inflated price, de Silva said.

"It is noteworthy that he headed the Central Bank’s investment committee of the EPF (Employees Provident Fund) only months prior to being appointed to the board of Tabrobane," de Silva said.

Several stock purchases of the EPF have also been controversial.

Caesar's Wife

"Is it not understood that the perception of being clean is as important as being clean; particularly in the background of serious allegations of fraud?," de Silva asked.

"If the minister of finance is honestly interested in the sustainable development of Sri Lanka and the well-being of her people then he should cancel these appointments and make fresh choices from those who are unconnected to entities being investigated.

"Indeed it is a sad new chapter that we as a country have entered in to. Actions like these will only harm confidence in the markets and discourage genuine investments sorely needed for development of the country. "

A third appointment to the SEC, Sujeewa Mudalige, is a former head of Sri Lanka's institute of chartered accountants, who has earlier served on the SEC commission. There have been no reports that he had been soft on securities fraud earlier.

Though the ouster of two SEC chiefs who were investigating securities fraud has created a controversy there have been numerous reports of police officials who investigate crimes being transferred, and criminal justice process being subverted by elected rulers.

Institutionalized Lawlessness

Analysts say Sri Lanka's rule of law and justice cannot be re-established without an overhaul of the country's state machinery.

Legal analysts say lawlessness in Sri Lanka started to become institutionalized through a constitution enacted in 1972 which broke the island's civil service commission and the institution of permanent secretaries.

The 1972 constitution made the function of appointing, transferring and disciplining ministry secretaries a function of the cabinet, undermining their security of tenure and ability to act justly by the people.

The 1978 constitution made the President the sole arbiter of the process, completely destroying the public service and paving the way for an arbitrary state machinery. Critics say a once revered 'public service' was then turned into a 'rulers' service'.

Sri Lanka recently 'reshuffled' its impermanent ministry secretaries, a process that is reserved for ministers in free countries.
http://www.lbo.lk/fullstory.php?nid=1802539341

Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Has this MP ever talked about the qualifications, Age and back ground a person should have before becoming a MP?

aj


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

Hanoifortune wrote:Has this MP ever talked about the qualifications, Age and back ground a person should have before becoming a MP?
\

What difference does it make? All your judges, senior police chiefs, economists, professors, educators, ... have degrees and diplomas.

worthiness


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

There must be people in state machinery who listen with open ears what other people are talking of the lawlessness in every sector of this country. Their ears are cotton budded because this is the cherished era for elite community to gather a massive wealth for future generations ( sucking majority funds) by using state powers endorsed in the constitution.
I am just thinking what would they become in their net birth carrying all sinful activities...animals,demons,goblins....etc..

ranferdi

ranferdi
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Hanoifortune wrote:Has this MP ever talked about the qualifications, Age and back ground a person should have before becoming a MP?
His seat is hot and he cant control anger.. Because market is moving up.. poor fellow he only wants all the investors to rot in hell till Ranil Comes to power.. But he cant see the fact that Ranil doesn't posses PR skills to become leader of the country.

http://::::THIS EMAIL DOESNT WORK.. PLEASE CONTACT ME ON FB ACCO

6Sri Lanka SEC appointees should not be connected probed firms: legislator Empty Caesar's Wife Thu Aug 30, 2012 4:50 pm

fingihan


Equity Analytic
Equity Analytic

Sri Lanka SEC appointees should not be connected probed firms: legislator
Aug 30, 2012 (LBO) - Several new appointments announced to the Securities and Exchange Commission of Sri Lanka had connections to firms which were reportedly being probed, and fresh choices with professionals with a clean record should be made, a legislator has said.

"If the minister of finance was genuinely concerned in re-establishing a fair and equitable regulatory regime at the CSE would he have appointed persons with strong connections to entities being investigated for alleged securities fraud?," opposition legislator Harsha de Silva said in a statement.
"While not quite yet accusing anyone of fraud at least two of the three appointees are connected to one or more entities that media today has reported as being investigated by the SEC."

Connections

SEC chairman Nalaka Godahewa was connected to Colombo Land and Development Company, de Silva said.

Shortly before joining the SEC Godahewa resigned from George Steuarts Finance, a firm connected to Dilith Jayaweera of Divasa Equity, who has received letters from the SEC and made a presentation to the president before the ouster of the earlier SEC chief.

Godahewa was quoted as saying in the Island newspaper that he would continue investigations.

Former regulator Tilak Karunaratne has said that 17 probes were reaching their end when he was forced to resign.
A second recent SEC appointment, Priyantha Fernando was connected to Taprobane Holdings whose stock broking arm was embroiled in a cancelled deal where stock was attempted to be sold to a state bank at an inflated price, de Silva said.

"It is noteworthy that he headed the Central Bank’s investment committee of the EPF (Employees Provident Fund) only months prior to being appointed to the board of Tabrobane," de Silva said.

Several stock purchases of the EPF have also been controversial.

Caesar's Wife

"Is it not understood that the perception of being clean is as important as being clean; particularly in the background of serious allegations of fraud?," de Silva asked.

"If the minister of finance is honestly interested in the sustainable development of Sri Lanka and the well-being of her people then he should cancel these appointments and make fresh choices from those who are unconnected to entities being investigated.

"Indeed it is a sad new chapter that we as a country have entered in to. Actions like these will only harm confidence in the markets and discourage genuine investments sorely needed for development of the country. "

A third appointment to the SEC, Sujeewa Mudalige, is a former head of Sri Lanka's institute of chartered accountants, who has earlier served on the SEC commission. There have been no reports that he had been soft on securities fraud earlier.

Though the ouster of two SEC chiefs who were investigating securities fraud has created a controversy there have been numerous reports of police officials who investigate crimes being transferred, and criminal justice process being subverted by elected rulers.

Institutionalized Lawlessness

Analysts say Sri Lanka's rule of law and justice cannot be re-established without an overhaul of the country's state machinery.

Legal analysts say lawlessness in Sri Lanka started to become institutionalized through a constitution enacted in 1972 which broke the island's civil service commission and the institution of permanent secretaries.

The 1972 constitution made the function of appointing, transferring and disciplining ministry secretaries a function of the cabinet, undermining their security of tenure and ability to act justly by the people.

The 1978 constitution made the President the sole arbiter of the process, completely destroying the public service and paving the way for an arbitrary state machinery. Critics say a once revered 'public service' was then turned into a 'rulers' service'.

Sri Lanka recently 'reshuffled' its impermanent ministry secretaries, a process that is reserved for ministers in free countries.

kmchandra1


Equity Analytic
Equity Analytic

worthiness wrote:There must be people in state machinery who listen with open ears what other people are talking of the lawlessness in every sector of this country. Their ears are cotton budded because this is the cherished era for elite community to gather a massive wealth for future generations ( sucking majority funds) by using state powers endorsed in the constitution.
I am just thinking what would they become in their net birth carrying all sinful activities...animals,demons,goblins....etc..

I agree with ur explanation brother

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum