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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » SEC DG removed

SEC DG removed

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1SEC DG removed Empty SEC DG removed Mon Mar 02, 2020 8:22 pm

God Father


Manager - Equity Analytics
Manager - Equity Analytics
Securities and Exchange Commission (SEC) Director General (DG) Vajira Wijegunawardane has been removed from the post with immediate effect.

Treasury Secretary S.R. Attygalle confirmed the move to the Daily FT yesterday and said the decision to remove Wijegunawardane was by the Commissioners of the SEC.

This disclosure by Treasury Secretary is plausible contrary to earlier reports that the Cabinet decided to remove the DG. Capital market sources claimed the Finance Ministry had originally written to the SEC Commissioners and wanted the DG removed but as part of procedure the Commissioners had based on Finance Ministry letter had recommended the removal.

He has been moved to the Finance Ministry, a matter which analysts said may have been discussed during last week’s Cabinet meeting. Some insiders said a letter of removal hadn’t been served on Friday.

http://www.ft.lk/front-page/SEC-DG-removed/44-696721

As per the SEC Act the DG is appointed by the Finance Minister on the recommendation of the Commission. Incumbent SEC Director Litigation Chinthaka Mendis has been appointed as the Director General. Experts said that when the DG post becomes vacant it must be advertised and only an acting appointment can be made or alternatively an Officer-in-Charge. Wijegunawardane was originally appointed as DG in 2015 and overall had served the SEC for 13 years.

Capital market has had mixed reactions over his appointment and the subsequent role he played.

SEC former Chairman Ranel Wijesinha soon after the November 2019 Presidential Election in a letter dated 2 December 2019 officially wrote to the Government to say alleged there were considerable risks and dangers associated with handing over the affairs of the SEC to the DG and explained a host of reasons.

Wijesinha alleged that though SEC former Chief Tilak Karunaratne originally recommended Wijegunawardane for the post, almost three years in office in the latter part of 2017 Karunaratne considered removing the DG.

Prior to being DG, Wijegunawardane led SEC’s Capital Market Development directorate for eight years actioning a development and reform agenda focused on sustainable growth and broad visibility for the Sri Lankan capital market.

2SEC DG removed Empty Re: SEC DG removed Mon Mar 02, 2020 8:52 pm

Teller

Teller
Moderator
Moderator
Im sure, Next guy will be a manipulated king.


_________________




Teller said is said..

3SEC DG removed Empty Re: SEC DG removed Mon Mar 02, 2020 8:55 pm

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Teller wrote:Im sure, Next guy will be a manipulated king.

Sensei, Expect something good please.

4SEC DG removed Empty Re: SEC DG removed Tue Mar 03, 2020 1:49 am

Teller

Teller
Moderator
Moderator
If history is good. We can expect some thing good.


_________________




Teller said is said..

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