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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » RANIL....ranil....ranil....stock market horu...godai....

RANIL....ranil....ranil....stock market horu...godai....

Go down  Message [Page 1 of 1]

nigma


Manager - Equity Analytics
Manager - Equity Analytics
Stock market ake patta horu ranil nam gama heli karai .....lagadima horunta aba saranai..
.market aka dawasin dawasa bassanne me patta horu...

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Nimal Perera to step down from Pan Asia Bank Chairmanship as he not fit and proper to hold that postion.

Ajith Devasurendra and Dinal Wijemanne to pay back the losses to NSB.

Dilith Jayaweera to be probed.

Asanga Seneviratne Sunday Leader connection to be exposed.

All the Primary dealer will have to pay back commission they have made in the past.

No Foreign local business ties up for corporates in petroleum sector.

Good Luck Stock Market!

nigma


Manager - Equity Analytics
Manager - Equity Analytics
Meka mara puduma ratak welane....hokamkalata wancha kalata kamak nadda....

raider


Manager - Equity Analytics
Manager - Equity Analytics
@Quibit wrote:Nimal Perera to step down from Pan Asia Bank Chairmanship as he not fit and proper to hold that postion.

Ajith Devasurendra and Dinal Wijemanne to pay back the losses to NSB.

Dilith Jayaweera to be probed.

Asanga Seneviratne Sunday Leader connection to be exposed.

All the Primary dealer will have to pay back commission they have made in the past.

No Foreign local business ties up for corporates in petroleum sector.

Good Luck Stock Market!

Where was all this new Quibit?

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Ranil's speech at the parliament today. it will be news tomorrow.

Invest_Wisely


Manager - Equity Analytics
Manager - Equity Analytics
Read this:

http://economynext.com/Stock_tips_from_Sri_Lanka_PM_statement_to_house-3-1309-3.html

Appears that JKH is off the hook :-)

Invest_Wisely


Manager - Equity Analytics
Manager - Equity Analytics
http://economynext.com/Stock_tips_from_Sri_Lanka_PM_statement_to_house-3-1309-3.html

Stock tips from Ranil remarks

COLOMBO, (EconomyNext) - Prime Minister Ranil Wickremesinghe's special statement to parliament Tuesday stopped short of defending beleaguered Governor Arjuna Mahendra but was packed with policy announcements that could move markets.

During his 45-minute speech, Wickremesinghe did not try to exonerate his appointee who leads monetary policy of the country, but spoke of the need for the Central Bank to restore its credibility.

He cast aspersions on the HNB, NDB Bank, Pan Asia Bank and key individuals of those banks who were virtually accused of wrong doing either on their own behalf or for the former Mahinda Rajapakse regime.

"Take the name of Nimal Perera at Pan Asia or Ranee Jayamaha of Hatton National Bank," Wickremesinghe said.

"Who are they and how did they benefit from certain political personalities of the previous administration?

Jayamaha on her retirement from the Central Bank was appointed to the HNB to do the bidding of the Rajapakse regime, Wickremesinghe said drawing a parallel with Gotabhaya Rajapakse placing retired military commanders at private security firms.

“How can Mr. (Nimal) Perera head a Bank (Pan Asia) given the large number of surveillance referrals made to the Colombo Stock Exchange (against him)?"

He criticised the NDB bank's role in the impeachment of Shirani Bandaranayake, the former chief justice. The NDB had refused to allow her access to her own bank records to prove that she had "zero" balances in the impugned accounts.

The Prime Minister said the NDB Bank had also sacked an officer who pointed out the illegal actions of the bank in the Shirani Bandaranayake episode.

He vowed that the new government will revive investigations into 13 high profile stock market scams and named Dilith Jayaweera, Scott Newman, Kosala Heengamarake, Ajith Devasurendra and Dinal Wijemanne as culprits.

Wickremesinghe's determination to have them investigated was clear.

"I would like this to be recorded in the Hansard.

"I have requested the Securities and Exchange Commission to go into these cases. If necessary, I will bring legislation to permit such inquiry.

"I am also seeking for the appointment of a Parliamentary Select Committee to inquire into these transactions."

-JKH off the hook-

What Wickremesinghe left unsaid is equally, if not more important. In his prepared text there was a reference to JKH management, but that was left out of the actual delivery of the speech and hence not covered by parliamentary privilege for EconomyNext to report.

However, suffice it to say that Wickremesinghe's government appears to have clearly mended fences with JKH and the company could be in the good books of the new administration.

He slammed several media institutions for leading what calls a vendetta against him and singled out an associate editor of the Daily Mirror and the Maharaja group.

"Hardly a day passes without a campaign of misinformation and character assassination. All because I am not prepared to dance to the tune of the owner (Maharaja) and meet all his demands."

-Oil deal-

"There is a company with strong links to the media that was trying to partner with one of these Indian Oil exploration companies (prospecting in Sri Lanka)

"However the only credible partner for the Indians in Sri Lanka is the Ceylon Petroleum Corporation. I will not allow collaboration with any other Sri Lankan company."

In another parting shot, Wickremesinghe said there should be an independent broadcasting authority like in Britain, a move aimed at regulating the likes of Maharaja television.

However Britain disbanded the IBA in 1991 and in any case it did not control news and was in charge of regulating franchisees who operated on its network. The network was also later privatized. Maharaja owns its own network.

On the latest bond issue, there was little said except that parliament will be informed and the government is even prepared to set up a parliamentary select committee.

raider


Manager - Equity Analytics
Manager - Equity Analytics
This was so unexpected! Ranil is on fire!

Ernie Tissera


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Justice should be done and culprits should be punished. Then all will be on track weather you like it or not. May be this will effect some peoples pocket, but everything will be in track in near future, specially for the benefit of the stock market.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Investigation should be expedited with additional resources given to investigators to carry out the job in given time. If not, everything will be placed under the mat.
Disclosure of all names of corrupted group, related parties should be disclosed to public. Political personalities supported for such groups, irrespective of UNP,SLFP or JVP should bring to the public platform before any election.

New election regulation, not allowing any politician to be nominated connected with any kind of malpractices, should be enacted. Country is full of thieves sucking the blood of poor community over years & years.

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
This is how Nimal perera roared back in 2011. Some may find this funny. He was talking like he was the one who was keeping the CSE floating.

http://www.sundaytimes.lk/110724/BusinessTimes/bt33.html

Insider trading? ‘Nothing wrong - we all do it’-top investor says[/size]


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.


The CSE trading floor
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.

bandulawee


Manager - Equity Analytics
Manager - Equity Analytics
I completely agree with Ranil. He has disclosed a lot of things that happened in the past which people were led to believe were rumours. Who knows the depth of the involvement of Central Bank officers who worked glove in hand with Nivard in the bond deal. Was Arjun set up to be a scape goat to stop internal investigations. Central Bank officials are not angels. Ranil's speech has put jitters on the corrupt politicians in the UPFA who ganged together and protested at the Central Bank to divert attention. Those who shouted most at the protest were the once charged with highest corruption. Its time to expose all criminals.
Quibit has gone a step forward and arrived at the reported comments.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Last para above the moderator opined that law pertaining to insider dealings in statue statute books is clear but punishment is very rare. Does the law printed in books contain only to its big volumes? Does it happen in all countries? Does this underestimate the judicial system?

This is not only an ethical challenge to legal professionals to answer the validity of statute but also the question of why the law enforced is not executable.

It is obvious that information passes through one to another in social life is inevitable. However, advance system & technologies in corporate field produce management tools to monitor such practices. It enables to track down wrongdoers & the rest lies with the statue to be executed. Eternal truth is, no equilibrium of the balance once few millionaires sit on one side.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Excellent statement by Ranil
my problem is why he recommend to appoint
a person from highly involved with govt business and leading business family to managed central bank

When there are enough economists who accept ideology of Ranil

This problem is mainly due to appointment of person from Business communality

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Very Happy Very Happy Very Happy

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