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Sri Lanka Equity Forum » Stock Market & Forum Help » The Prison » Professional Independence of SEC Investigations ?

Professional Independence of SEC Investigations ?

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Manager - Equity Analytics
Manager - Equity Analytics
Got this email from a friend, I have no idea what the original source is. I have no idea if these are true Surprised . I posted FYI

Sent: Thursday, 21 February 2013, 2:08
Subject: Professional Independence of SEC Investigations ?

How does new SEC Chairman, Nalaka Godahewa, former Chairman, Divasa Finance, with his close business dealings with Dilith Jayaweera controlling Divasa Finance and other companies deal with SEC investigations that were pending against the following companies –
1. Colombo Land & Development Co. PLC, controlled also by Dilith Jayaweera and on which Nalaka Godahewa is Chairman ?
2. Citrus Leisure, formerly known as Hotel Reefcomber PLC, controlled by Dilith Jayaweera ?
Were not Nalaka Godahewa and Dilith Jayaweera in Singapore recently as at end of February 2013 together for a Board Meeting of Colombo Land & Development Co. PLC with the Singapore Directors of Colombo Land & Development Co. PLC ? Did they not stay at the same Hotel in Singapore ?
Attached are pages from the Report submitted to COPE by the SEC last August, giving the positions of the SEC investigations into Colombo Land & Development Co. PLC and Hotel Reefcomber PLC, later named changed to Citrus Leisure PLC.
With such cozy business dealings and overseas travel , how can one expect independent investigations into the above ? What had happened to these investigations ?
Did not Nalaka Godahewa as CEO of Sri Lanka Insurance give a very big advertising contract of Sri Lanka Insurance to Dilith Jayaweera’s Triad ?
Did Nalaka Godahewa make large deposits in Divasa Finance of Dilith Jayaweera to have become its Chairman ? Otherwise, what was his competence in the financial services sector ?
Did Nalaka Godahewa and Dilith Jayaweera working together with the help of Damian Fernando fix the Sale of a large volume of Shares of Lanka Hospitals PLC to an Indian company above the market price ? Was not the Seller a company of business magnate Harry Jayawardena ? Was it not reported that the Board of the Seller's company had approved the payment of about Rs. 125 Mn. as Commission for this Sale of its Shares of Lanka Hospitals PLC ? Whom was such Commission paid to ?
Should not the SEC investigate the above independently and deeply to protect the investing public and to enforce the law ?


Over to to the Commissioner of Bribary & Corruptions. These are Very serious charges if proived true.


Associate Director - Equity Analytics
Associate Director - Equity Analytics
Luckily we dont have answers to any of the above queries Wink

But how do we at least know some of these are valid?


Manager - Equity Analytics
Manager - Equity Analytics
I know one thing for a fact that was told to me by a friend who was invited to a launch and cocktail organized by Colombo Land, that the call asking for RSVP was made by his secretary at SEC. When he got the called she said "she was calling from the office of the chairman of the SEC". He had a minor heart attack thinking he was been called for an investigation.

I assume that would mean that there is some form of relationship.

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