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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Dr.Godahewa will be closely watched

Dr.Godahewa will be closely watched

+3
aj
D.G.Dayaratne
sriranga
7 posters

Go down  Message [Page 1 of 1]

1Dr.Godahewa will be closely watched Empty Dr.Godahewa will be closely watched Tue Sep 04, 2012 1:55 am

sriranga

sriranga
Co-Admin
*COPE mulls summoning former, present SEC heads
*Opposition MP says wants to exhume buried Gold Quest scam, question Central Bank on several issues including apparent involvement in NSB-TFC fiasco


Securities and Exchange Commission Chairman Dr. Nalaka Godahewa will be intensely watched and the outcomes of the 17 investigations into market offences will be monitored closely as well, member of the Parliamentary Committee on Public Enterprises (COPE), opposition MP Ravi Karunanayake said yesterday.
"We will not allow Dr. Godahewa to gloss over the ongoing investigations and we will try to summon him before the COPE along with former Chairpersons Ms. Indrani Sugathadasa and Thilak Karunaratne. I have already tabled a motion in Parliament to summon the two former heads of the SEC and the matter would be taken up on September 15," Karunanayake said.

"We need to expose the stock exchange mafia. Not only that, we believe the Central Bank was behind the controversial NSB-TFC deal and we want to inquire into this as well. Ever since the Gold Quest pyramid scheme, the investigation of which was swept under the carpet, we have had too many shady deals that need to be unravelled," the MP said speaking to The Island Financial Review.

COPE Chairman DEW Gunasekera had earlier told The Island Financial Review that the committee was convinced the existence of a stock exchange mafia and that it would stand behind the SEC in its efforts to crack it down.

Former SEC Chairman Thilak Karunaratne resigned last month citing pressure from a group of well connected investors and their crony brokers with the government not encouraging the SEC’s clean-up of the stock exchange; less than a year ago Ms. Indrani Sugathadasa resigned for the same reasons.

Market sources said it was obvious that pumping-and-dumping were rampant during the bourse’s boom in 2009/2010. The SEC began investigating these shady transactions.

However, the market slumped during the latter half of 2011 and early 2012 on sluggish economic indicators, with liquidity tightening and interest rates rising. But those being investigated by the SEC lobbied the government that the slump in the bourse was caused by a fear psychosis created by the SEC. They argued that a slump in the bourse was a bad mark on the government.

"This probably explains the manner in which the government treated the SEC; allowing two chairpersons to resign within a year of each other. This or either, personal relationships are strong," an analyst said.

Dr. Godahewa told this newspaper that he would continue with the investigations begun by his predecessor Karunaratne.

Given Dr. Godahewa’s links with controversial investor Dilith Jayaweera, whose companies have received four to five letters of inquiry from the SEC, he would probably now be the most intently watched SEC Chairman to-date after his predecessor revealed that 17 investigations were ongoing, which means 17 credible outcomes would be expected, brokers and market analysts point out.

Sentiments derived from the recent changes to the SEC board and stabilising interest rates have caused a turnaround at the Colombo Stock Exchange, but some brokers are warning clients to stay clear of the herd and avoid getting sucked into pump-and-dump activities as some investors seek to recoup huge losses. Sticking to fundamentally sound stocks would help investors make healthier gains with long term prospects looking bright for the economy. Brokers are of the view that should interest rates decline, the bourse could sustain its upward trend.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=60685

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

2Dr.Godahewa will be closely watched Empty Re: Dr.Godahewa will be closely watched Tue Sep 04, 2012 7:56 am

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
1,People who try to expedite Investigation
2.People who Introduce Hedging concept and mislead CPC
3.People who manipulated stock market using public funds
4.People behind NSB deal
All were in the same BOAT and products of same learning Process

3Dr.Godahewa will be closely watched Empty Re: Dr.Godahewa will be closely watched Tue Sep 04, 2012 10:01 am

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Funny country. Next should be Dr. Amare appointed as the Police chief.

4Dr.Godahewa will be closely watched Empty Re: Dr.Godahewa will be closely watched Wed Sep 05, 2012 12:37 am

ughettiarachchi


Stock Analytic
Stock Analytic
For the last 18 months all of us were watching our stocks going down while billions of money getting wiped out from the market. It looked like no one could save the day. Even after president asked Treasury Secretary to take charge 1 month ago nothing happened to the decline. The came Dr Godahewa who has not made use of his position to project his image. Didnt speak a work to the media but seem to have got his act together at SEC as well as with stakeholders. Market has bounced back and we should wait and see whether it can sustain momentum. But what a country. Very few thank you notes in this forum. People here are still criticising the new Chairman for a crime that some people are predicting. No one has proof so far that he is doing anything wrong at SEC. So why cant we give the guy a chance without jumping the gun ?Everyone is innocent until proven guilty according to the law of the civilized world.

5Dr.Godahewa will be closely watched Empty Re: Dr.Godahewa will be closely watched Wed Sep 05, 2012 8:42 am

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Sure. What the puppet has to do is to be 'mere a watchdog' as the FT article says, just keep on 'watching' don't do anything. How hard is that?

6Dr.Godahewa will be closely watched Empty Re: Dr.Godahewa will be closely watched Wed Sep 05, 2012 9:54 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@ughettiarachchi wrote:For the last 18 months all of us were watching our stocks going down while billions of money getting wiped out from the market. It looked like no one could save the day. Even after president asked Treasury Secretary to take charge 1 month ago nothing happened to the decline. The came Dr Godahewa who has not made use of his position to project his image. Didnt speak a work to the media but seem to have got his act together at SEC as well as with stakeholders. Market has bounced back and we should wait and see whether it can sustain momentum. But what a country. Very few thank you notes in this forum. People here are still criticising the new Chairman for a crime that some people are predicting. No one has proof so far that he is doing anything wrong at SEC. So why cant we give the guy a chance without jumping the gun ?Everyone is innocent until proven guilty according to the law of the civilized world.


You will have to start a new listed venture and import machinery for genetic engineering.
.
.
to change our DNA.

7Dr.Godahewa will be closely watched Empty Re: Dr.Godahewa will be closely watched Wed Sep 05, 2012 10:51 am

K.Haputantri

K.Haputantri
Co-Admin
Ravi Karunanayaka's motion will be taken up when the genuine investors in the bourse are all wiped out and no more and be voted down ultimately with majority strength in Parliament.

He should have taken up it as an urgent national matter if the opposition is serious over the matter. This is just a face saving exercise not meant to help the investors but just to mark their presence and later say that they also were serious. They are a part of this joke.

8Dr.Godahewa will be closely watched Empty Re: Dr.Godahewa will be closely watched Wed Sep 05, 2012 8:11 pm

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@ughettiarachchi wrote:For the last 18 months all of us were watching our stocks going down while billions of money getting wiped out from the market. It looked like no one could save the day. Even after president asked Treasury Secretary to take charge 1 month ago nothing happened to the decline. The came Dr Godahewa who has not made use of his position to project his image. Didnt speak a work to the media but seem to have got his act together at SEC as well as with stakeholders. Market has bounced back and we should wait and see whether it can sustain momentum. But what a country. Very few thank you notes in this forum. People here are still criticising the new Chairman for a crime that some people are predicting. No one has proof so far that he is doing anything wrong at SEC. So why cant we give the guy a chance without jumping the gun ?Everyone is innocent until proven guilty according to the law of the civilized world.

Wow....He is Amazing person isn't he ? He came to the chair and market booms....!!!!

What a fortunate person.......

lol! lol! lol! lol!

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