JVP to go to courts against 'insider trading'

31 May 2012 07:55 am - 27     - {{hitsCtrl.values.hits}}

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The JVP will take legal action against the authorities of the state institutions that used public funds for dubious inside trading at the Colombo Stock Exchange.
JVP MP Sunil Handunetti told a news conference today that they have decided on this course of action as EPF funds have been used to purchase shares of loss making Grain Elevators Ltd where Rs 1.24 billion has been invested to purchase 10,000 shares at a rate Rs 245. He said the value of a share had gone down to 36 today.

He said the investment guide lines of the EPF has been violated by engaging in this transaction as it is only possible to invest on government securities as per the said guidelines.

Mr. Handunettis said ETF had also been used for insider dealings while the National Savings Bank (NSB) had also engaged in the same. He said this had put the bank in a vulnerable situation. He therefore questioned as to what would happen to the bank if the depositors start withdrawing their deposits shortly.( Yohan Perera)
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  Comments - 27

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  • Calistus Jayatilleke Thursday, 31 May 2012 12:16 PM

    "Badu husbandge, Nadu Nonage". So, as usual, nothing will happen. Anyway, kudos to JVP for standing up to the common man's interest against the mighty highly corrupt powerful government unlike the main opposition party which only talks about such things and then keeps quiet.

    Kan Thursday, 31 May 2012 12:25 PM

    Also probe Softlogic whose IPO issue was Rs29 per share and plunged to Rs12 in no time.

    lul Thursday, 31 May 2012 12:29 PM

    "Risk of loss"!!! THE MONIES ARE ALREADY LOST! THE SHARES WERE BOUGHT AT 245 AND ARE AT 36 BUCKS TODAY! No doubt all the providts are sitting safely in multiple swiss bank accounts with all the Mahinda bros taking their usual cuts! The Sinhalay village idiots will continue to support this regime for a rice packet and sume cheap booz come election time.

    Suny J fm Melbourne Friday, 01 June 2012 02:28 AM

    in NY no way boss....you must be refering to some other market ...remove your clored glasses and see the reality...????

    hansan Thursday, 31 May 2012 01:16 PM

    she did that all these days, because this is Sri Lanka.

    TruePatriot Thursday, 31 May 2012 01:21 PM

    that's normal boss. look at facebook in the Nasdaq.

    Yohann Bocks Thursday, 31 May 2012 01:26 PM

    Investigations should be made and news revealed on who the sellers of the shares were and the buying and selling brokers of Grain elevators share @ 245 by the EPF.

    dusty Thursday, 31 May 2012 01:29 PM

    10000 shares x Rs 245 = 2450000. ?? its not 10000 shares it seems to be 5 million shares.............possible seller could be perpetual ..........for about 3 mil shares minimum................

    IJPK Thursday, 31 May 2012 01:42 PM

    EXCELLENT!!!!!!!! JVP Please proceed. Good initiative.

    siri Friday, 01 June 2012 03:09 AM

    Quite! Sir Politically Illiterate. It's the people, who rightly or wrongly, intoxicated by high decibel speeches and promises went like zombies and put a cross for self-destruction. The fruits of which we see now.

    Kiwi Thursday, 31 May 2012 08:02 AM

    Will the wife give judgment against her own husband???????

    Mason Thursday, 31 May 2012 08:12 AM

    Those involved in the share deals are politically connected powerfully. It is this 'immunity' that makes them indulge in such corrupt acts. Do our courts have the guts to convict them.

    j Thursday, 31 May 2012 08:35 AM

    No way she has to respect and protec husband. This is Sri Lanka.

    senthil Thursday, 31 May 2012 04:08 PM

    this is why you need the RTI Act soon in this country

    Roshanaly Thursday, 31 May 2012 08:37 AM

    Even the CB says that the deal is legal.

    dilu Thursday, 31 May 2012 08:37 AM

    Well done, please do it and protect our hard earn money from handful of vultures

    Jega Thursday, 31 May 2012 08:38 AM

    In any other country, purported to be democratic, the corrupt practices adopted by those in power, would have brought down the Government in office by now. We, Sri Lankans, are (un)fortunate to have a weak opposition which always limits its protest to media conferences, at which they solemnly express their future (?) plans. They are incapable of going any further. Long Live the Mahinda regime!

    Ralph Anthony Kernr Thursday, 31 May 2012 08:53 AM

    This is day light robbery. They are playing with our EPF Funds. This should be stopped at all cost. Congratulations JVP, for the trouble taken in bring these rouges to book.

    John Thursday, 31 May 2012 08:57 AM

    ....and impunity?

    Kondeybendapucheena Thursday, 31 May 2012 08:56 AM

    Big Damage all ready done,now also not too late

    MS Thursday, 31 May 2012 08:56 AM

    All the Private sectors employees and semi government employees should get together and fight against this type of misconducts. if CB governor is a honest man, he should immediately step down and support for an independent enquiry conduct by some authority.

    politically illitera Thursday, 31 May 2012 06:47 PM

    Please respect the voters/public as to their soverienity. They are the people who decided who should govern, who should oppose, whether by weak or strong opposition. the voters are right and mighty. I am sure they khew who they were voting?

    janak Thursday, 31 May 2012 08:59 AM

    naduth hamuduruwange baduth hamuduruwange. honda honda sellam elivena jameta.

    Countryman Thursday, 31 May 2012 09:04 AM

    NSB problem seems to be over with corrective action in the nick of time. But if EPF funds are invested creating a risk of lossess it is bad. Let's go ahead with this action.

    Jayan Saturday, 02 June 2012 05:31 AM

    Before the IPO, Solflogic issued shares at Rs. 7 in a private placement. No broker told the public about this. Public should never trust the brokers as they are also take part in this racket.

    Fernando K.i.S Thursday, 31 May 2012 11:29 AM

    well done JVP pls do


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