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SEC likely to come under Ravi as controversial liquor maker plans going public

24 May 2017 05:43 am - 6     - {{hitsCtrl.values.hits}}

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Capital market regulator, Securities and Exchange Commission (SEC), is likely to come under the purview of the Foreign Ministry with the appointment for former Finance Minister Ravi Karunanayake as the country’s External Affairs Minister, the Daily Mirror reliably learns.

This will be in addition to placing several other institutions such as the Development Lotteries Board, National Lotteries Board, Mahapola Scholarship Fund and SriLankan Airlines—which generally don’t come under the Foreign Ministry—under him.

Sources said the move towards placing SEC under Karunanayake comes in the wake of a controversial liquor company making plans to go public on the Colombo Stock Exchange.

Last year, the Excise Department gave approval to this company to set up an alcohol manufactory on instructions from the Department of Fiscal Policy, both of which fell under the purview of the Ministry of Finance then headed by Karunanayake.

The SEC currently falls under the Ministry of National Policies and Economic Affairs headed by Prime Minister Ranil Wickremesinghe.

Sources said Karunanayake would be likely to be made the State Minister of National Policies and Economic Affairs in addition to his Cabinet Portfolio as the External Affairs Minster to make way for these institutions to fall under him.

Currently MP Niroshan Perera functions as the State Minister of National Policies and Economic Affairs.

Sources said a shake-up in State and Deputy Ministers were also on the cards.


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  Comments - 6

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  • ReaderD Wednesday, 24 May 2017 08:02 AM

    Why are finance related subjects to be brought under Foreign Affairs Minister? Absurd. Then why was Ravi moved out from Finance? Let the new Finance Minister handle all finance related subjects and allow Foreign Minister do his job without messing up.

    sathees Wednesday, 24 May 2017 08:26 AM

    MS has no backbone!

    NAK Wednesday, 24 May 2017 09:03 AM

    Joke of the century........ finance minister takes the finance ministry to the foreign ministry!

    sacre blieu Wednesday, 24 May 2017 09:17 AM

    The public offer that is to be made will reflect what our investing publics' fibre is composed of. The evidence is glaring about the bond scam and those found guilty. This company should not be entertained in any way whatsoever and the connivance of the former governor and officials is the lowest of the low, amounts to scums of the earth. The cabinet re-shuffle should have replaced the PM. The conspiracy trend to cheat and loot public funds seem to continue, with the appointment of the same rogues.

    ceylon Wednesday, 24 May 2017 10:25 AM

    dont take too much ravi.take less and do the best. via DM Android App

    lkboy Wednesday, 24 May 2017 12:43 PM

    What a joke.


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