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



Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» LOFC AND CLC Target Price??
by Rational Investor Today at 6:45 pm

» Exit EXPO Enter EDEN strategy broadened to Exit EXPO Enter LOLC GROUP
by Rational Investor Today at 6:43 pm

» ASPI break vs reversal
by D.G.Dayaratne Today at 6:30 pm

» Dividend XD Date next week
by SAGA Today at 1:45 pm

» KOTAGALA PLANTATION PLC (KOTA.N0000)
by hotstock Today at 12:22 pm

» LATEST: Join FINANCIAL CHRONICLE™ Discord
by CHRONICLE™ Today at 10:12 am

» Maharaja after long time
by stockchaser Yesterday at 9:40 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by EPS Yesterday at 6:42 pm

» Leisure sector- KHL vs Eden
by Bakkabwoi Yesterday at 2:48 pm

» Exit Eden and enter Expo - Hotel sector revival going to take years!
by Value Pick Yesterday at 8:47 am

» Asia/Capital Trust LLUB Target Price Rs 150..
by rajithasahan Yesterday at 12:20 am

» PEOPLE'S INSURANCE PLC (PINS.N0000)
by Ekanayake90 Fri Sep 24, 2021 7:01 pm

» BROWNS INVESTMENTS PLC (BIL.N0000)
by Sunimal Fri Sep 24, 2021 2:18 pm

» Construction activities records fastest growth in five years
by samaritan Fri Sep 24, 2021 3:56 pm

» Port City - Sri Lanka's Economic Trajectory
by samaritan Fri Sep 24, 2021 2:34 pm

» Sell EXPO Buy EDEN sentiment changed to Exit EXPO Enter EDEN
by cwij5252 Fri Sep 24, 2021 10:19 am

» Watch SPEN
by Tissa Fri Sep 24, 2021 7:10 am

» Top Crossing Today
by SAGA Thu Sep 23, 2021 3:19 pm

» AGST is Next KOTA
by kanishkaecomm Thu Sep 23, 2021 2:23 pm

» Try to Avoid Getting Sucked into Any Panic Modes While Looking for Opportunities. Stock market for beginners
by D.G.Dayaratne Thu Sep 23, 2021 10:51 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™ » SEC Chief scoffs at critics

SEC Chief scoffs at critics

Go down  Message [Page 1 of 1]

1SEC Chief scoffs at critics  Empty SEC Chief scoffs at critics Sun Sep 23, 2012 11:05 am

bestazhar


Stock Analytic
Stock Analytic
By Azhar Razak

The Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), Dr. Nalaka Godahewa said that he had been singled out over allegations of ‘conflict of interest’ following his appointment as SEC Chairman. Pointing out that according to the SEC Act, the Chairman of the SEC should only be a private sector professional, he questioned how one can find that specific private sector professional who had no contacts with the business community and at the same time who is suitable to head the SEC.

“Before me there had been 12 Chairpersons at the SEC and except one of the recent appointees who was a retired public servant, everybody else had been prominent business people who held chairmanships/directorships in several listed and unlisted companies. Then, why are some people talking about conflict of interest only in my case?” he inquired responding to the allegation posed in an exclusive interview published in The Nation’s GAIN section.
He noted that it is because of this paradox of the SEC Act requiring a private sector person to head SEC and the difficulty of finding someone with no other existing portfolios or contacts there are clear cut provisions in the Act addressing how to handle situations of conflict of interest.
“It is only those people who cannot understand these basic guidelines of governance who are trying to make an issue out of nothing,” he charged.

Ever since Dr. Godahewa’s appointment as the head of SEC, there has been a growing debate whether his appointment has led to a ‘conflict of interest’ with other roles he plays in some listed firms and his close association with powerful investors. In particular, Dr. Godahewa still holds the Chairmanship of listed company, Colombo Land and Development Company (CLND) although he resigned from George Steurt Finance Plc, earlier known as Divasa Finance Ltd just days before his appointment. Meanwhile, responding to whether there is another case of ‘conflict of interest’, where CLND has plans to build hotels and the fact that Dr Godahewa holds office as the Chairman of Sri Lanka Tourism Development Authority (SLTDA), he explained that the ‘conflict of interest’ scenario will only arise in the future as even the land for the proposed hotel has not been purchased yet and that in any case he intends to resign from SLTDA before the land is acquired.

“This argument was first put forward by a business editor of a weekly newspaper. I feel this journalist has watched the Hollywood movie ”Minority report” of Steven Spielberg where according to the law in 2054 future intentions can be punished by law. However, to my knowledge, the current law does not allow anyone to be punished for a future intention,” he said.

Clarifying further he said that according to the Sri Lanka Tourism Act, the Chairman of SLTDA cannot be a director of a business that operates or provides tourism services of any class or description.

“What this refers to is a tourism service that has been gazetted. Also, for any institute to be recognized as a provider of tourism service, that institute must be registered with SLTDA. However, this journalist had forgotten the fact that Colombo Land does not provide any tourism services currently. What has been disclosed by the company to the Colombo Stock Exchange is that it intends to purchase a land for the purpose of building a hotel in future. The land is not even purchased yet. So obviously there is no hotel constructed. The company may even decide to build something else on the land once purchased. In any case I intend to resign from SLTDA before any of these take place. So this conflict situation that you have questioned is never going to arise,” he further pointed out.

http://www.nation.lk/edition/latest-top-stories/item/10758-sec-chief-scoffs-at-critics.html



Last edited by bestazhar on Sun Sep 23, 2012 11:08 am; edited 1 time in total (Reason for editing : add source link)

Back to top  Message [Page 1 of 1]

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