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Dubai based Mr. K. M. A.R.K Almuhairi being the eighth largest investor of E-Channelling (ECL) having 1,130,000 or 0.93% stake as at 30th June 2014 has sent a letter to SEC to investigate a Sri Lankan Stock Broker named 'Sooriyarachchi' and his clan for selling his ECL shares at a underprice for Rs.11.50 per share on 29th September 2014 when the market price was Rs.14.10 to Rs.13.50 levels.
Almuhairi and investigators have now found that Sooriyarachchi and the clan has sold shares to some nominee accounts of the clan with the objective of selling it back to others at Rs.13.00-14.00 per share levels on 30 September to 2nd October 2014.
Almuhairi has also expressed his surprise on why he was not informed by stock broker to sell the ECL Shares when Senior Marketing Systems Asia PTE Ltd in July when they offered Rs.14 per share Mandatory Offer to buy shares.
Accordingly Almuhairi's office has written to regulator that Sooriyaarachchi and the clan has purposefully done the sale at a lower price for the stock brokers' benefits.
Further Almuhairi has questioned how another broker recruited Sooriyaarachchi to be working as a Manager when he had over Rs.20 million debt at Taprobane Securities and when Sooriyarachchi was involved as a broker to controversial NSB-TFC Deal.Accordingly the office of Almuhairi has also questioned how did the broking firm allowed to execute orders via a manipulator such as 'Sooriyaarachchi' when his original stock broker was there.Accordingly SEC is yet to carry out an investigation on the same according to sources.
Check the manipulated trade here
http://www.cse.lk/cmt/upload_cse_report_file/daily_report_111_29-09-2014.pdf
1,114,654 shares of ECL changed at Rs.11.50 per share
The below diagram of CSE Data Shows how the manipulation was done.
Almuhairi and investigators have now found that Sooriyarachchi and the clan has sold shares to some nominee accounts of the clan with the objective of selling it back to others at Rs.13.00-14.00 per share levels on 30 September to 2nd October 2014.
Almuhairi has also expressed his surprise on why he was not informed by stock broker to sell the ECL Shares when Senior Marketing Systems Asia PTE Ltd in July when they offered Rs.14 per share Mandatory Offer to buy shares.
Accordingly Almuhairi's office has written to regulator that Sooriyaarachchi and the clan has purposefully done the sale at a lower price for the stock brokers' benefits.
Further Almuhairi has questioned how another broker recruited Sooriyaarachchi to be working as a Manager when he had over Rs.20 million debt at Taprobane Securities and when Sooriyarachchi was involved as a broker to controversial NSB-TFC Deal.Accordingly the office of Almuhairi has also questioned how did the broking firm allowed to execute orders via a manipulator such as 'Sooriyaarachchi' when his original stock broker was there.Accordingly SEC is yet to carry out an investigation on the same according to sources.
Check the manipulated trade here
http://www.cse.lk/cmt/upload_cse_report_file/daily_report_111_29-09-2014.pdf
1,114,654 shares of ECL changed at Rs.11.50 per share
The below diagram of CSE Data Shows how the manipulation was done.
