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Sri Lanka: Stock Market Fraudsters with Criminal Prosecutions

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God Father

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Sri Lanka: Stock Market Fraudsters with Criminal Prosecutions Scree460

Dr. Sena Yaddehige and S. Thinamany

MC Fort 12639/19

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2019 against Dr. Sena Yaddehige and Mr. Subramanium Thinamany for the offence of Insider Dealing and Aiding and Abetting thereto in contravention of section 32 of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended Section 102 of the Penal Code respectively pertaining to the trading in the shares of Kegalle Plantations PLC. Case is pending before Court.

Riyaz Mohamed Sangani

28266/2023

On December 8, 2023, the SEC filed action in the Magistrate’s Court – Fort against Mr. Riyaz Mohamed Sangani for insider dealing, prohibited by Section 32(1) and Section 32(6) of the then Securities and Exchange Commission Act No. 36 of 1987 (as amended), pertaining to dealing in the shares of Vidullanka PLC. The matter is pending before the said Court

Govindasamy Ramanan

MC Fort 29040/24

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2024 against Mr. Govindasamy Ramanan for the offence of Market Manipulation in contravention of Rule 12 of the SEC Rules, published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001, which is punishable under Section 51 (1) (a) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended pertaining to the trading in the shares of Industrial Asphalts (Ceylon) PLC. Summons were issued and the matter is pending before Court.

S.M.D.N.P. Banda

28831/24

“Legal action was instituted before the Magistrates Court, Colombo Fort in 2024 against Dr. S.M.D.N.P. Banda for the offence of market manipulation in violation of Rule 12 of the SEC Rules, published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001, which is punishable under Section 51 (1) (a) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended pertaining to the trading in the shares of Palm Garden Hotels PLC. The summons have been issued to Dr. S.M.D.N.P. Banda. The case is pending before Court.”

S.M.D.N.P. Banda and S.M. Aruna Upendra Premarathne Banda

28830/24

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2024 against Dr. S.M.D.N.P. Banda and Mr. S.M. Aruna Upendra Premarathne Banda for the offences of market manipulation, conspiracy and aiding and abetting to commit the offence of market manipulation in violation of Rule 12 of the SEC Rules, published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001, which is punishable under Section 51 (1) (a) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended read together with Section 113 (B) and 102 of the Penal Code pertaining to the trading in the shares of Associated Motor Finance Company PLC. The Summons have been issued to Dr. S.M.D.N.P. Banda and Mr. S.M. Aruna Upendra Premarathne Banda. The case is pending before Court.

M. Imtiaz Samsudeen and M. Bafiq Nizar

MC Fort 5322/17

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2017 against Mr. M. Imtiaz Samsudeen and Mr. Bafiq Nizar for the offences of market manipulation and conspiracy to commit market manipulation in contravention of Rule 12 of the SEC Rules, published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001, which is punishable under Section 51 (1) (a) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended read together with Section 113 (B) and 102 of the Penal Code pertaining to the trading in the shares of E – CHANNELLING PLC. The case is pending before Court.

Lanka Kannangara, Kapila Senerath, Faariq Furkhan, Raveendra Mallawarachchi

MC Fort 13736/19

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2019 against Mr.Lanka Kannangara, Mr. Kapila Senerath, Mr.Faariq Furkhan and Mr.Raveendra Mallawarachchi for the offences of market manipulation, conspiracy to commit market manipulation, and aiding and abetting in contravention of Rule 12 of the SEC Rules, published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001, which is punishable under Section 51 (1) (a) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended read together with Section 113 (B) and 102 of the Penal Code pertaining to the trading in the shares of Radiant Gems International PLC. The case is pending before Court.

W.K.H. Wegapitiya,Thilak De Silva and Thakshila Hulangamuwa

MC Fort 16967/20

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2020 against Mr.W.K.H. Wegapitiya, Mr.Thilak De Silva and Mr.Thakshila Hulangamuwa for the offences of market manipulation, conspiracy to commit market manipulation, and aiding and abetting in contravention of Rule 12 of the SEC Rules, published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001, which is punishable under Section 51 (1) (a) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended read together with Section 113 (B) and 102 of the Penal Code pertaining to the trading in the shares of LAUGFS Gas PLC. Summons were issued and the matter is pending before Court.

Nihal Radella

MC Fort 23337/22

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2022 against Mr. Nihal Radella for the offence of giving a false / misleading answer to a question asked during a statement taken in during an investigation conducted by the SEC in contravention of Section 46(A) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended. Case is pending before Court.

K.A.L.D. Lanka Kannangara

“MC Fort 28707/23”

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2023 against Mr. K.A.L.D. Lanka Kannangara for the offence of Market Manipulation in contravention of Rule 12 of the SEC Rules, published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001, which is punishable under Section 51 (1) (a) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended pertaining to the trading in the shares of Ascot Holdings PLC. Summons were issued and the matter is pending before Court.

K.A.L.D. Lanka Kannangara

“MC Fort 28706/23”

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2023 against Mr. K.A.L.D. Lanka Kannangara for the offence of Market Manipulation in contravention of Rule 12 of the SEC Rules, published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001, which is punishable under Section 51 (1) (a) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended pertaining to the trading in the shares of Regnis Lanka PLC. Summons were issued and the matter is pending before Court.

Govindasamy Ramanan and Kanagarathnam Naveenkanth

“MC Fort 28553/23”

Legal action was instituted in the Magistrates’ Court, Colombo Fort in 2023 against Mr. Govindasamy Ramanan and Mr. Kanagaratnam Naveenkanth for the offences of market manipulation, conspiracy to commit market manipulation, and aiding and abetting in contravention of Rule 12 of the SEC Rules, published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001, which is punishable under Section 51 (1) (a) of the then Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended read together with Section 113 (B) and 102 of the Penal Code pertaining to the trading in the shares of Industrial Asphalts (Ceylon) PLC. Summons were issued and the matter is pending before Court.

https://www.sec.gov.lk/criminal-prosecution/

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ටයි කොට් දාගත්ත කම්බ හොරු

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Post Sun May 19, 2024 7:28 am by D.G.Dayaratne

ChooBoy wrote:ටයි කොට් දාගත්ත කම්බ හොරු
We can say this only after the final decision of the court

D.G.Dayaratne wrote:
ChooBoy wrote:ටයි කොට් දාගත්ත කම්බ හොරු
We can say this only after the final decision of the court
හොරු echcharayi

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