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Former Securities and Exchange Commission (SEC) Chairman Thilak Karunaratne whose resignation caused a storm said he was willing to come forward one day and reveal facts and figures of the alleged malpractices in the Colombo Stock Exchange.
“Yes I’m willing to come out with the facts and figures, I have nothing to hide and I have no skeletons in my closet like many others,” he told the Daily Mirror.
Mr. Karunaratne made these comments when he was asked if he would be willing to come forward and disclose the names of those who are alleged to have committed “white collar crimes” if the investigations were swept under the carpet.
He said what happened in the CSE between June and December 2010 was “day light robbery.”
“Yes of course, this was most certainly day light robbery. During the conflict the market was dull and there was quite rightly euphoria after the war ended. Then the market gradually rose up. Then suddenly we find that between June and December 2010 it shot up suddenly. And this was due to manipulation. What they did was they found certain stocks which are not liquid. These stocks have no intrinsic value and they started manipulating and arbitrarily increasing the price by having trades among themselves and their crony brokers. Then what happened is that others -- the innocent, ignorant investors who were also directed by these crony brokers bought stocks wanting to make a killing and in the end were duped.”
He said that many people with a high level of integrity involved in the state sector had left their jobs due to pressure.
“Many respected professionals have left and told me that they too had to face the same fate. But I was the only one who was able to create a stir,” Mr. Karunaratne said.
He said many people accused of wrong doings still survive in top positions due to patronage by the powers that be.
“Take the Central Bank for example. It is run by an accountant when it should be an economist running it and now everything seems to have fallen apart. I shudder to think what would have happened if we won the Commonwealth games bid so vehemently supported by the CB Governor. A lot of guys accused of wrongdoing still survive and many with integrity have left in disgust,” he said.
Mr. Karunarathne said today was a disappointed man.
“When I accepted this post in December last year, I had a lot of hope and expectations that I will be able to do something constructive to put the Colombo Stock Market on the right track in reaching greater heights. Today I’m a disappointed man. I tried my best but I didn’t get the support from the people who appointed me to this position and under the circumstances I had no choice but to resign" he said. ( By Hafeel Farisz)
http://dailymirror.lk/news/21413-tilak-to-reveal-all-if-probe-is-stifled.html
“Yes I’m willing to come out with the facts and figures, I have nothing to hide and I have no skeletons in my closet like many others,” he told the Daily Mirror.
Mr. Karunaratne made these comments when he was asked if he would be willing to come forward and disclose the names of those who are alleged to have committed “white collar crimes” if the investigations were swept under the carpet.
He said what happened in the CSE between June and December 2010 was “day light robbery.”
“Yes of course, this was most certainly day light robbery. During the conflict the market was dull and there was quite rightly euphoria after the war ended. Then the market gradually rose up. Then suddenly we find that between June and December 2010 it shot up suddenly. And this was due to manipulation. What they did was they found certain stocks which are not liquid. These stocks have no intrinsic value and they started manipulating and arbitrarily increasing the price by having trades among themselves and their crony brokers. Then what happened is that others -- the innocent, ignorant investors who were also directed by these crony brokers bought stocks wanting to make a killing and in the end were duped.”
He said that many people with a high level of integrity involved in the state sector had left their jobs due to pressure.
“Many respected professionals have left and told me that they too had to face the same fate. But I was the only one who was able to create a stir,” Mr. Karunaratne said.
He said many people accused of wrong doings still survive in top positions due to patronage by the powers that be.
“Take the Central Bank for example. It is run by an accountant when it should be an economist running it and now everything seems to have fallen apart. I shudder to think what would have happened if we won the Commonwealth games bid so vehemently supported by the CB Governor. A lot of guys accused of wrongdoing still survive and many with integrity have left in disgust,” he said.
Mr. Karunarathne said today was a disappointed man.
“When I accepted this post in December last year, I had a lot of hope and expectations that I will be able to do something constructive to put the Colombo Stock Market on the right track in reaching greater heights. Today I’m a disappointed man. I tried my best but I didn’t get the support from the people who appointed me to this position and under the circumstances I had no choice but to resign" he said. ( By Hafeel Farisz)
http://dailymirror.lk/news/21413-tilak-to-reveal-all-if-probe-is-stifled.html
