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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Lots of 'grey areas' in SEC

Lots of 'grey areas' in SEC

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1Lots of 'grey areas' in SEC Empty Lots of 'grey areas' in SEC Sat Mar 23, 2013 5:03 pm

CSE.SAS

CSE.SAS
Global Moderator

By Sulochana Ramiah Mohan

Director General of the Securities and Exchange Commission (SEC), Dr. Hareendra Dissa Bandara, resigned from his post yesterday, claiming his decision was based on principles.

He also said there are hidden facts and grey areas at the SEC, to which he has no answers, but keeps asking himself 'why it is so."Technically speaking, I have not utilized my last year's leave and this year's too. I have been working on Saturdays and Sundays. I am entitled for that lieu leave.

There are no secrets regarding my resignation. I am a person with integrity and I worked to bring the market back to what it was. I worked 18 hours a day, perhaps the commission members do not know," he said. Dr. Dissa Bandara said he had been the acting DG for several years and was made the DG last year. "But no one knows that I'm the DG. They still 'think' I'm the acting DG. Why is that? Many do not know my presence and my work. There are 'grey areas' and 'hidden secrets' for which I have no answers.

"I am a person with integrity. My sole purpose was to develop the market. What is the purpose in criticizing what is happening there? However, I must say, there are gray areas. There is not a single complaint against me or my work, saying that I am incompetent or inefficient. I do not want to disturb SEC activities and the Chairman's work. On the day the present SEC Chairman, Dr Nalaka Godahewa, assumed duty, I asked him, 'do you want me to continue,' and the reply he gave was, 'Yes of course.'

"I am a fultime lecturer at the University of Sri Jayewardenepura. The SEC had to obtain permission from the university to have me there. The university released me to the SEC, based on the SEC's request. From the year 2008, every two years, my SEC position has been extended. The final extension of the contract was from 2010 to 2012.

"But my point is, despite being appointed DG, I still receive letters addressing me as the Acting Director General. Usually, when the Acting DG is made the DG, it should be officially informed in a circular. That was not done. No proper protocol was followed. No one knows me as the DG. There are lots of other grey areas, which I would notify in a letter soon," Dr. Dissa Bandara said.

SEC Chairman Nalaka Godahewa told Ceylon Today, the DG was taken on contract basis and his one-year contract has been completed. The Chairman also said there is nothing else to add. "The plain truth is that his term is over."http://ceylontoday.lk/51-27842-news-detail-lots-of-grey-areas-in-sec.html

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