FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» ANALYSIS: Sri Lanka Car Market 2024
by OC.S Today at 12:11 am

» LOLC's Conrad Dias on digital transformation - LMD tv interviw
by OC.S Today at 12:06 am

» Bullish about a sustainable turnaround - CSE Chairman
by Rare Yesterday at 11:33 am

» Stocks on the Radar at CSE
by Rare Yesterday at 11:30 am

» Sri Lanka rupee closes at 275/290 to the US dollar
by Rare Yesterday at 11:17 am

» How would Donald Trump Presidency impact Future Sri Lanka?
by God Father Yesterday at 12:52 am

» Sri Lanka strikes Gold at Wanderlust travel awards 2024
by samaritan Thu Nov 07, 2024 12:24 pm

» Suspension of "Parate rule" to end...
by deli Wed Nov 06, 2024 8:29 am

» Top 10 Listed Companies in Sri Lanka - 2024
by deli Wed Nov 06, 2024 8:23 am

» John Keells Holdings PLC share is worth LKR 17/= after Rights Issue and Sub-Division of shares
by God Father Tue Nov 05, 2024 10:02 pm

» LOLC Tech & Sanfer partnership to reshape digital transformation on a global scale
by samaritan Fri Nov 01, 2024 10:04 am

» TILE AND CERAMIC SECTOR
by OC.S Wed Oct 30, 2024 12:23 am

» JKH Trading Higher PER 30. Is it Fairly valued??
by OC.S Wed Oct 30, 2024 12:20 am

» Natural Gas Futures Sink 10%
by Rare Tue Oct 29, 2024 12:15 pm

» Oil prices fall further
by Rare Mon Oct 28, 2024 10:23 am

» Access Engineering awarded two more contract packages at Colombo Port
by Biggy Fri Oct 25, 2024 9:20 am

» CITH - What happned today?
by maduk Fri Oct 25, 2024 2:24 am

» Asian stocks drift higher amid rate cut speculation; Japan lags
by Rare Thu Oct 24, 2024 1:09 pm

» සභාපතිවරයාගේ හැසිරීම හේතුවෙන් රිචර්ඩ් පීරිස් සමාගම අනතුරේ?
by ChooBoy Mon Oct 21, 2024 12:47 am

» Unprofessional conduct by Directors of East West Properties PLC
by Biggy Sun Oct 20, 2024 9:31 pm

» Colombo Stock Market: Valuation Guide 2Q2024
by God Father Sun Oct 20, 2024 8:23 am

» Imperfect laws keeps Bankrupt Companies trading in Sri Lanka Stock Exchange gravely endangering the Investors!
by God Father Fri Oct 18, 2024 9:47 pm

» Stock-Picking Strategies
by Rare Fri Oct 18, 2024 12:53 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube


You are not connected. Please login or register

Former Inside Dealer to be appointed as the new CSE Chairman

Go down  Message [Page 1 of 1]

ChooBoy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Former Inside Dealer to be appointed as the new CSE Chairman Unknow12

CSE Chairman nominee Dilshan Wirasekara was previously suspended by NTB for insider dealing on forex trading.

News Article appeared on Sunday Times on  August 23, 2009

Nations Trust Bank (NTB) has stopped an ‘inflated’ remuneration scheme for its treasury operations department staff on the back of a massive foreign exchange loss totalling Rs 800 million, which saw two top officials leave the bank. Separately, Securities and Exchange Commission (SEC) officials confirmed that a probe was underway on possible insider dealing into share sales deals by NTB Chairman Ajit Gunewardene, prior to the discovery of the forex loss.

In June the bank said it has discovered a breach of procedure in its dealing room leading to an exchange loss, but that gains from other treasury operations will offset this loss to a ‘great extent’ and the impact on the bottom line.

The Central Bank, following its own probe after the loss was reported, had found certain irregularities and informed the management. “We pointed out the exorbitant amounts of the remuneration scheme after our investigation and the bank has stopped that bonus scheme immediately,” a CB official said adding that the CB also had wanted some officers held accountable by the mismanagement.

On Friday, the NTB announced that its present Chief Executive Officer (CEO) Zulfiqar Zavahir retired from his position and resigned from the Board with immediate effect. The bank also said that Deputy CEO Iftikar

Ahamed resigned with effect from Friday. It said Sarath Piyaratna, NTB Executive Director will act as the CEO till Saliya Rajakaruna, the newly appointed CEO assumes office in September. An NTB source said Dilshan Weerasekera, Manager Treasury has been requested by NTB to show cause for his negligence.

Former Inside Dealer to be appointed as the new CSE Chairman Screen44

NTB Chairman Ajit Gunewardene told the Sunday Times FT that the Board decided on the appropriate action after a detailed investigation taking into account the findings, and noted the CB didn’t request ‘us to dismiss officers concerned.’

He said while it was an foreign exchange loss, there were no CB regulations that had been breached. Asked about the SEC probe, he said: “I am aware of an SEC investigation in general and a query made today to my brokers with respect to my share transactions of NTB. I certainly haven’ bought or sold any shares of NTB since the date that I was made aware of the issue which was June 12.”

Referring to huge commissions on forex trading, one banking analyst noted that the ‘greed factor’ stimulates some bankers to cut corners and ignore certain ‘gray’ areas. “Due to the exorbitant treasury bonuses, these officials take ‘disproportionate’ risks. This is by no means unique to NTB,” he said.

Former Inside Dealer to be appointed as the new CSE Chairman Screen45

https://www.sundaytimes.lk/090823/FinancialTimes/ft05.html

Unfit & Improper: Did First Capital Holdings (CFVF) appointed former Manager Treasury of Nations Trust when Bank faced the Forex Scandal Loss during Zulfiqar Zavahir's and Iftikar Ahamed's Time?

Dilshan Weerasekera, former Manager Treasury at Nations Trust Bank (NTB) when NTB reported a Forex Loss of Rs.800 million has been recently appointed to CFVF = First Capital Holdings PLC.

How Dilshan was appointed as a Fit & Prpoer personal to head CFVF and it is a question whether after doing such a loss with two to three trades happened in a Listed Commercial Bank in the Country = NTB that was jointly owned by country's largest blue chip Conglomerate John Keells...how Dilshan is still appointed to head a Bond Market and a Primary Dealing house.

https://www.srilankachronicle.com/t37577-unfit-improper-did-first-capital-holdings-cfvf-appointed-former-manager-treasury-of-nations-trust-when-bank-faced-the-forex-scandal-loss-during-zulfiqar-zavahir-s-and-iftikar-ahamed-s-time#404267

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum