CSE Chairman replies to serious allegation of Conflict of Interest
CSE Chairman Dumith Fernando replies to serious allegation of Conflict of Interest whilst continue to act unilaterally by providing false information and mislead the market participants thus causing irreparable damage to the Colombo Stock Exchange. #DumithGoHome
CSE Director Board appoints a new Chairman
The Chairman of the Colombo Stock Exchange (CSE) Dumith Fernando who has served in this role since July 01, 2020, has informed the Board of his intention to retire by rotation on June 23, 2022 at the conclusion of his current term as a Director. Subsequently, at its regular monthly board meeting held on May 19th, 2022, the Board of the CSE has elected Director Dilshan Wirasekara to succeed Mr. Fernando as Chairman with effect from June 24th, 2022. Mr. Wirasekara is currently Director and Chief Executive Officer of First Capital Holdings PLC.
According to the Articles of Association of the CSE, it's Chair is chosen from among the five Directors elected by the members of the CSE. The appointment of Mr. Wirasekara is in line with the CSE's normal board succession practice.
The outgoing Chairman Mr. Fernando said that "We are very pleased with the advancement of the CSE in the last 2 years. The market has set records across capital raising, trading volumes and participation alongside significant wealth creation for investors. The CSE is also financially stronger than it has ever been, and I am pleased to hand over my role following the institution’s highest-ever profitability and capital reserves position. Credit for this is due to my fellow board members, management and staff as well as all those stakeholders who collaborated with us including our regulator the Securities & Exchange Commission of Sri Lanka and the stock broking and investor communities.”
Commenting on the appointment of his successor, he further stated “I have had the pleasure of serving as a Director with Dilshan for five years where he has been a critical and energetic member of the board. The board and I have full confidence that he will continue to work with all stakeholders to build on our recent efforts to transform into a modern-day multi- product exchange. I look forward to supporting Dilshan over the next few weeks to ensure a smooth transition."
Mr. Wirasekara thanked both the outgoing chairman for his leadership of the CSE over the last 2 years and the CSE Board for the confidence placed in him. He further stated, “I hope to continue the good progress at the CSE and look forward to working with the Board and the CSE team together with the regulator and the industry to advance our ambitious capital market development plans.”
With this silly and irresponsible response of the CSE Chairman Dumith Fernando, Colombo Stock Exchange (CSE) has becomes the laughing stock market for the foreign investors and journalists. Its funny to say that by closing the market CSE is allowing free market forces to operate. Be realistic man!!! Its time you resign without causing further damage to the overall market without blatantly lying to the international community.
Tail Event to end this week and market to start next week normal! You are lying to international community including IMF, ADB and other donor agencies!! Your comments will be so damaging to the country which is currently facing its worst economic crisis.
what tail are you talking about? Tail only started to wag only last week and now you are calling it tail event will end in 5 market days! HIKZZZZ!!!! Are you a fortune teller or a henchman!
Whose Tail are you holding Mr Dumith Fernando. All investors will have their tails between their legs next week when market opens. Dumith please resign gracefully!