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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Pump and dump king Nimal Perera

Pump and dump king Nimal Perera

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1Pump and dump king Nimal Perera Empty Pump and dump king Nimal Perera Sun May 25, 2014 3:07 pm

dineshfernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
NP's recent pump and dump were RCL and VONE.

He used to pump and dump useless shares such as PCH some times back.

NP is a prominent business personality and the chairman of PABC. He is also acting as Director of many PLCs in Sri Lanka.

How do the general public be confident on our stock market when a trusted personality like NP acting in this way. He makes massive profit at the expense of poor investors. He buys cheap and creates demand for the share and dump it to poor investors. Eg: He entered RCL around 80 and pumped it till 106 and disposed his stake at 106. Then the price dropped to 99. He is also one of the directors of RCL.

Doesn't SEC have to investigate into this? How many people trapped into RCL because of NP. There should be a minimum period of holding say 6 months for the directors of the company to protect the poor investors from people like NP.

2Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Sun May 25, 2014 3:14 pm

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
Then EPF bought RCL.Another inquiry?

3Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Sun May 25, 2014 9:40 pm

Top Trader


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Don't blame others for our own foolishness, if a buy a share or sell a share, i should take my own decision, no point in blaming others

4Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Sun May 25, 2014 9:48 pm

dineshfernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
EPF funds = Public funds
NP should have catchers at EPF. It should be a collective game altogether. Why does EPF has to buy from NP? Why did EPF waited till RCL to reach 106/= instead they could have bought at 80/=.

I can remember EPF buying massive quantity of GRAN over 180/=. Would GRAN ever reach 180/=. I think public funds has been totally misused for the sake of a few prominent individuals like NP.

I don't get caught to these manipulators but the majority of the poor investors only depend on news and follow the crowd. It's the duty of SEC to protect them from.

5Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Sun May 25, 2014 11:52 pm

Lalindra

Lalindra
Manager - Equity Analytics
Manager - Equity Analytics
@Top Trader wrote:Don't blame others for our own foolishness, if a buy a share or sell a share, i should take my own decision, no point in blaming others
Perfectly correct. It's because of foolish investors that people like NP thrive in the stock market. He makes use of the herd mentality of most investors and makes use of them to make his money. How many comments did I see in this forum about VONE appreciating in price and predictions about an imminent dividend because the directors are buying. If people make informed decisions based on fundamentals before investing people like NP can't succeed in their crooked dealings.

6Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 12:10 am

Pethi

Pethi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I did my job. I told you guys to dump when it was close to 21. after NP sold out his shares and buy when it was 16-17.
it is no point blaming others now. Stock market is not only EPS and NAVs. etc. there are lot more to it.

Always see the big picture......!

7Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 8:58 am

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Just have a look at the dividend policy of PABC to get a good idea about these people.

They were milking out the (not so healthy) bank with lavish dividends up to last year. After they sold out major block the dividend policy has changed drastically.  

Isn't this insider trading..?

8Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 9:31 am

Pethi

Pethi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
common...! this is not insider trading.
This is the nature of CSE.

Lovers help each other undress before sex.
However after sex, they always dress on their own.

no one helps you once you're screwed

this is the simple truth of the life. lol! 

9Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 9:52 am

jonny

jonny
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Pethi wrote:common...! this is not insider trading.
This is the nature of CSE.

Lovers help each other undress before sex.
However after sex, they always dress on their own.

no one helps you once you're screwed

this is the simple truth of the life. lol! 

Pethi well said...!!  lol! lol! lol! lol! lol! lol! lol! 

10Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 10:17 am

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@jonny wrote:
@Pethi wrote:common...! this is not insider trading.
This is the nature of CSE.

Lovers help each other undress before sex.
However after sex, they always dress on their own.

no one helps you once you're screwed

this is the simple truth of the life. lol! 

Pethi well said...!!  lol! lol! lol! lol! lol! lol! lol! 


Pethi has said it perfectly well.... lol! lol! lol! lol! 

11Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 10:52 am

skyfall


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Top Trader wrote:Don't blame others for our own foolishness, if a buy a share or sell a share, i should take my own decision, no point in blaming others
Fully agree.
No one really blame him if they made money. Only the losers are moaning.

12Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 12:56 pm

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
It's all about recognising your mistakes and going forward without giving up.

13Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 1:02 pm

cse1981

cse1981
Manager - Equity Analytics
Manager - Equity Analytics
if you fallow NP
you cant loss

14Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 1:08 pm

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@cse1981 wrote:if you fallow NP
you cant loss
 

Interesting. Mate have you ever followed him.

15Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Mon May 26, 2014 8:03 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Administrative system in public sector is created facilitating the road map only for the richest class. They are allowed to achieve whatever they want freely. But they have simply forgotten the universal concept that none could escape the eternal punishment decreed by the nature. All, so called top personalities who hearty enjoy the present life at the expense of poor will definitely suffer at the eleventh hour carrying the deeds to the next.

16Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Fri May 15, 2015 12:17 pm

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Why FCID is not questioning Nimal Perera?

17Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Fri May 15, 2015 12:25 pm

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
dear Qubit market is about players and Manipulation.

18Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Fri May 15, 2015 12:35 pm

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@nimantha80 wrote:dear Qubit market is about players and Manipulation.

100% correct.

19Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Fri May 15, 2015 12:38 pm

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Gainer wrote:
@nimantha80 wrote:dear Qubit market is about players and Manipulation.

100% correct.

I am sure, This is one of the identification methods. Forum allows members to disclose culprits and bring them to justice. We are in support of Yahapalanaya!

20Pump and dump king Nimal Perera Empty Re: Pump and dump king Nimal Perera Fri May 15, 2015 3:59 pm

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Insider trading? ‘Nothing wrong - we all do it’-top investor says
By Quintus Perera
Insider trading is inevitable in a market like Sri Lanka and for this reason regulators should not apply rules pertaining to insider dealing to the letter, a powerful and influential investor in the marketplace has urged.
Pump and dump king Nimal Perera Stockmarket
The CSE trading floor
[size]
Nimal Perera, Deputy Chairman, Vallibel One Ltd - who along with another influential business personality Dhammika Perera, currently Secretary, Ministry of Transport are powerful investors, individually and jointly in the stockmarket -, told a panel discussion on ‘Insider Trading in the Capital Market” that the market here operated almost entirely (including themselves) on insider dealings.
He valiantly defended his actions, sounding at times (to the audience) as a threat that if such investors pull out of the market the entire system in Sri Lanka is likely to fail.
His main assertion was that insider trading should be seen in the context of ‘intent (whether someone intends to pass information for profit)” or ‘non-intent (just discussing information in good faith without intending to profit from it)”.
Mr Perera’s controversial remarks justifying insider trading (the way he saw it) drew a lot of comment and discussion at the event in Colombo this week organized by the Sri Lanka Institute of Directors (SLID).
On regulations and how they should be applied, he said that whatever said and done insider dealings would be irreversible as it is the force behind the Sri Lankan market. He said that most of these investors used to meet each other in funerals and parties, etc and when they meet they would also discuss about business and spontaneously speak of the performances of their corporate achievements that would sometimes form ‘inside information’ which is genuine and spoken with ‘good-faith’.
As an example he said when he goes to a funeral he would meet an ‘aunty’ and casually speak to her of the excellent achievements of his company and the discussion might slip to what is called ‘inside information’ and that information this ‘aunty’ might pass on to her ‘boyfriend.’ Asanga Seneviratna, Director, Nations Lanka Finance, another panelist, acknowledged some of the sentiments expressed by Mr Perera.
The other panellists were Murtaza Jafferjee, Managing Director, JB Securities (Pvt) Ltd and Malik Cader, Director General, Securities and Exchange Commission (SEC) of Sri Lanka. The moderator was Aritha Wickramanayake, Senior Partner, Nithya Partners. The discussion to some extent appeared to be a dialogue between the ‘angels and devils’, with capital market traders despising the regulations and justifying insider dealings. There were accusations that information is leaked allegedly by some SEC officials and this fact could be proved if their telephone conversations are intercepted.
Mr Cader and Mr Wickramanayake insisted that rules and regulations should be in place for the sake of equality and to create a level playing field. Mr Cader said that most people do not know the provisions regarding insider dealings and they plead ignorance, but cautioned that ignorance is not acceptable under the law. He said that a well regulated market does not harm the capital market. The markets have recognized that information is very important. He said that the company directors have to be mindful of their shareholders and directors.
He said that there are two forms of insider operations viz legal and illegal. The legal form is where the ‘insiders’ should make proper disclosures to the public and to the market and the illegal way is that one deals with securities with no disclosure to the public and market. He said that some insiders pass the unpublished information to selected dealers informally in buying or selling which constitutes an offence.
He said that there should be a certain amount of transparency and integrity in these dealings and there should be a level playing field. He said that there are investors who have privileged information and there are investors who do not have such access and those with privileged information have an edge over the others.
Such offenses in Sri Lanka under Section 33A of the SEC Act are subject to penalties of upto Rs 2 million and/or two years’ imprisonment, probably the highest in the world. Such laws are also available elsewhere in the world. He said that they are striving to bench-mark the Sri Lankan capital market industry by adhering to ISO International Standards and if not they would be left out as international traders are here to see whether ISO is in place and said that they need also to look at corporate governance.
Mr Jafferjee based his presentation on a paper “Standard II: Integrity of Capital Markets” and said that those with inside information and special access can take unfair advantage of the general investing public. Though it would lead to short term profits, in the long run individuals and the professionals will suffer from such trading.
He said that it would cause investors to avoid the capital market as they would perceive the markets are ‘rigged’ in favour of the knowledgeable insider. Mr Perera, who was in a challenging mood, castigated the regulatory network as ‘chit’ and said that as the Sri Lankan market is so small the regulator network would not work and without inside information they would not be able to continue. He said that regulations and monitoring the insider dealings would kill the market indicating that if he receives a letter from SEC on account of insider dealings he would be reluctant to go before SEC and make a statement. He said that rather than facing such embarrassment, he might as well, pull out of the market.
He said that many people in this country are ‘Kuhakaya’ (hypocrite) and ‘kuhakayo (hypocrites)’ are found only in Sri Lanka as there is no parallel word for it in the English language. At the outset of his comments he pleaded that he was not so conversant with the English Language as he was from Pinnawela Central (College). (Reporter’s note: He was wrong – the English word for Kuhakaya is hypocrite – page 694 in the ‘Malalasekera English-Sinhala Dictionary.)
He said that ‘kuhakayo’ are those who complain of purported mistakes of others and enjoy when the so-called offenders are punished, but the complainant does not gain anything by the punishment to others, suggesting regulators too are in this category.
He explained the depth of ‘kuhakakama (hypocrisy)’ in Sri Lanka by saying that President Mahinda Rajapaksa is the saviour of this nation and they (he) expected 98% of votes at the presidential elections, but the President polled only 52%. Mr Perera castigated all others who voted against President Rajapaksa as ‘kuhakayo’.
The moderator, Mr Wickramanayake said that though there are stringent laws in the statute books and though the law pertaining to insider dealings is very clear, it is difficult to apply them and thus punishment is rare. He said that it is wrong for the traders to plead ignorance to the provisions of the law pertaining to insider dealings as he said that the capital market is 20 years old in Sri Lanka and it is time for the market to be matured.[/size]

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