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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ »  Share market is a gambling den of racketeers

Share market is a gambling den of racketeers

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Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
The share market has become a gambling den of racketeers and this is confirmed by the resignation of 6 officials of the Securities and Exchange Commission of Sri Lanka (SEC) within a short period of two years says JVP Parliamentarian Anura Dissanayake.
The government has no regard for the law and the economy has been brought under a small gang of racketeers said Mr. Dissanayake participating in a media conference held in Colombo yesterday (27th).
He said, "The Director General of Securities and Exchange Commissioner Harendra Dissa Bandara has resigned from his post quoting a policy matter. Mr. Bandara is the sixth senior official to resign from the SEC within the last two years.
The task of the Commission established under Securities and Exchange Commission Bill 36 of 1987 and its amendment 26 in 1991 is to regulate the share market. However, the government, without allowing the Commission to do this, has made the share market a gambling den; a target of a few racketeers.
Ms. Indrani Sugathadasa, who was the Chairperson, resigned quoting a policy matter. The country knows her connections with the government. Mr. Gunasinghe, an expert on taxes, also resigned immediately. Next Mr. Tilak Karunaratane was appointed Chairman. It was a direct appointment by the President. However, he was also politically pressurized. He once stated in a COPE session that 30 out of 50 illegal transactions that were carried out in the share market were criminal transactions. Later, he too had to resign. At the media briefing held after his resignation Mr. Karunaratne said the discussion he had with the President regarding the issue became a discussion directed by a gang of racketeers. He also said he was pressurized not only by senior officials but also by a very powerful person. He said those individuals had phoned him and pressurized him to stop investigations carried out regarding their associates.
The Chairman of the share market, which manipulates the economy of the country, states he was pressurized. He had clearly said COPE was ineffective. He said he resigned due to pressure. Two Chairmen resigned due to policy matters within two years. Mr. Harendra Dissa Bandara, who resigned this time, has a doctorate regarding this sector. He is a very suitable person for the post. However, he too had to resign quoting a policy matter. It won't be a surprise if he now says he resigned due to personal reasons. For, there is an operation going on to get him to say so.
What do these incidents indicate? All economic sensitive sectors have been made political gambling dens. A gang of racketeers are earning large profits from illegal manipulations. Unacceptable fluctuations are created in the share market and it is manipulated fraudulently. Top most persons in the government are involved in this racket. If not how does Parliamentarian Sajin Vaas take part in discussions held with the President? It is they who manipulate this racket.
Recently, the EPF was invested in the share market which created an artificial boom in the stock market. This made a surge in artificial profits. The Inter Company Employees Union took legal action against this. The racketeers have grabbed the provident funds of working people.
Who has to confront the consequences of this crisis in the share market? The urban and semi-urban share holders have to face the tune. The pensioners and those who possess some amount of money invest in the share market. However, a situation has been created so that these monies could be grabbed by racketeers by taking over the Securities and Exchange Commission. The number of customers coming to the share market has dwindled. There is no trust in the share market now.
The present government has no regard for law and order or good governance. The economy of the country has been brought under a small gang of financial racketeers. During the last 8 years of Rajapaksa regime a small group of businessmen has amassed billions. How did our share market, said to be the No.1 share market in the world immediately after the end of the war, become the second in the list of share markets that breaks down rapidly?
Everyone who doesn't toe the Rajapaksa line has to withdraw from their positions. Law has become the wish, the order and the announcement of Rajapaksa. Officials resign and they too are pressurized. As such, the responsibility of saving the economy of the country from the claws of a small gang of racketeers is with the masses and journalists like you."


I have no idea from where this is quoted from, newspaper, website? . Just an email i revived, thought i would share it with everyone Sidath



Last edited by Sidath on Mon Apr 01, 2013 12:54 pm; edited 1 time in total

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
As the saying goes; " If a rape cannot be avoided, then you might as well close your eyes and enjoy it ".

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
It appears that some MPP of position have understood the situation
If journalist give publicity to these Members of Parliment govt MPP also will take up this with relevant authorities

Biggest problem is we do not have Educated Independent Journalists

Most of journalist not in a position to understand these problems

Their main concern is LAP TOPS AND CAR PERMITS

dsam

dsam
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
this Anura Kumara Dissanayake total Idiot.

Jake Sully

Jake Sully
Manager - Equity Analytics
Manager - Equity Analytics
But he is one of the very few parliamentarians who speaks decently. (No walpal)

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Jake Sully wrote:But he is one of the very few parliamentarians who speaks decently. (No walpal)
Yes, you are absolutely correct and those who are used to Walpal do not like such straight talkers. Very Happy

VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Can someone ask from Hon Mr Anura Kumara Dissanayake MP.
Is he accept as concept Stock market as legitimate capital market ?
if answer is yes
Do he support this concept ?
that also yes.
If answer is no to ether of these questions we need to think is intention on talking about about capital markets in Sri lanka.

just an opinion.


Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Mr. Harendra Dissa Bandara, who resigned this time, has a doctorate regarding this sector ! He is a very suitable person for the post ! . However, he too had to resign quoting a policy matter.[/quote]

lol!


How did our share market, said to be the No.1 share market in the world immediately after the end of the war, become the second in the list of share markets that breaks down rapidly?

Impossible ! Razz



මේ ලිපියේ තියෙන සමහර කරුණු සත්‍ය විය හැකි වුවත් ඒවා අපි අහල, අත් දැකල, වසර 2-3 පරණ වෙලා පිලුනු වෙලා එපා වූන ප්‍රවුත්ති සහ කරුණු.

කැලේ මඩ වලක ජිවත් වන ගල් ඉබ්බෙක් ඉහල ආකාසේ ඉගිලෙන රාජාලියෝ, උකුස්සෝ ගහපු කරනම් ගැන කවුරු හරි කියන දෙයක් අහගෙන ඉඳල පණ්ඩිත කතා කියන්න ගියාමත් ඔහොම වෙනවා.

sriranga

sriranga
Co-Admin
Source:
http://www.lankatruth.com/english/index.php?option=com_content&view=article&id=4721:share-market-is-a-gambling-den-of-racketeers--anura-&catid=36:top-stories&Itemid=124

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

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