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- SEC Chief To Unveil Solution To Resolve Colombo Bourse Crisis
Thilak Karunaratne
To arrest the freefall faced by Sri Lanka’s capital market – Colombo Stock Exchange (CSE), country’s capital market watchdog – Securities & Exchange Commission of Sri Lanka (SEC) will unveil a solution on March 31, SEC Chairman Thilak Karunaratne told The Sunday Leader.
Speaking to The Sunday Leader, the SEC Chief said that solutions would be laid on the table in order to resuscitate the Bourse.
“I can guarantee you that we at SEC are dedicating ourselves to raise the capital market. However, I have a solution for this which will be revealed on the 31. These solutions will certainly aid the country’s economy and will be a catalyst to boost revenue,” said a confident Thilak Karunaratne.
“The entire world has become a global village. The burdens of the neighboring entities will evidently have a direct impact on the other members of the region as well. In our case, China being the largest entity on the region, is undergoing a very difficult time. Therefore this will affect the trade and other relations between the region more directly.”
“Not only that, but the entire world is going through a somewhat of a economic crisis. Therefore it is natural for that to influence emerging economies such as Sri Lanka. This could be recognized as a worldwide phenomenon. Therefore not a thing particularly affecting only Sri Lanka.”
“There are several local factors which are responsible for the present situation. But, I am not ready to go public with them as yet. I will reveal all this on the 31,” he added.
SEC which sent shockwaves to all corners of the investor community during the last few years shook the markets yet again in end 2015, when its former Chairman, sitting Deputy Director General along with another former Director/Board Member were taken to custody over an alleged financial fraud exceeding five million rupees.
Former SEC Chairman Dr. Nalaka Godahewa was arrested along with SEC Director/Board Member Ronnie Ibrahim over an alleged financial fraud this week whilst the SEC’s suspended Deputy Director General Dhammika Manjira Perera was arrested on 4 December, by the Financial Crime Investigating Division (FCID) in connection with a donation of Rs. five million towards – Tharunyata Hetak, the one-time de-facto SLFP youth wing led and run by Hambantota District parliamentarian Namal Rajapaksa – son of former President Mahinda Rajapaksa. Highly placed SEC sources told The Sunday Leader that these recent developments were due to an ongoing tug-of-war and difference of opinion between the SEC’s sitting Chairman Tilak Karunarathne, who himself was forced to resign allegedly under pressure by the former President Mahinda Rajapaksa for difference of opinion.
The Sunday Leader is in possession of documents which point that difference of opinion between the SECs two heads may have led to sitting Chairman Thilak Karunaratna to seek intervention from law enforcement authorities against the arrested trio. Dr. Nalaka Godahewa, the then Chairman of SEC had directed Dhammika Perera to look in to the viability of granting a sponsorship in his then capacity as the Deputy Director General/ Officer in Charge.
Thereafter, Perera and Thushara Jayaratne Director, External Relations and Market Development of the SEC, who was then in charge of public awareness, had assessed the said request and after having discussed the matter with the then Chairman of SEC and obtained his concurrence. Perera along with Jayaratne also submitted a Board Paper recommending the proposal made by Tharunyata Hetak but limiting the sponsorship only to Rs. 3 million although Rs. 5 million had been sought stating that the said recommendation was well within the approved budget for the year 2013.
http://www.thesundayleader.lk/2016/03/27/stock-panacea/
