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SEC suspends Taprobane’s Dinal

24 May 2012 11:36 am - 4     - {{hitsCtrl.values.hits}}


The Securities and Exchange Commission (SEC) has issued a directive suspending Dinal Wijemanne from functioning in the capacity of Chief Executive Officer/Managing Director of Taprobane Securities (Pvt) Ltd

The directive, effective May 23, also prevents Wijemanne from functioning in any other capacity for or on behalf of Taprobane, pending the conclusion of investigations by the SEC into the controversial NSB deal.

In a media release from the SEC, Wijemanne’s suspension was deemed to be amongst others “a necessary interim measure conducive to the continuation of investigations launched by the SEC into the activities of the role played by the stockbroker- Taprobane Securities in respect of the transaction of The Finance PLC’s shares by NSB.”

Wijemanne’s suspension was the most recent fallout from the controversial NSB deal, in which he sold his own shares in TFC to NSB, whilst maintaining a position on the TFC board as well as Taprobane Securities, which brokered the deal, leading to strong criticism and allegations of conflict of interest.

  Comments - 4

  • saman wickramasinghe Thursday, 24 May 2012 12:46 PM

    As per the rules employee of a Broker firm cannot transact through another broker. Short sighted hasty rules by SEC upset the whole market.

    Invester Friday, 25 May 2012 04:21 AM

    SEC must investigate all broker firms... there could be more hidden illegal practices in stock market.

    pee da mossa Thursday, 24 May 2012 04:11 PM

    I guess the SEC has the necessary regulations to deal with these type of problems. So why bring in more draconian rules and create panic among investors, which was evident by the 2% downturn of the ASI and the hefty loss of the market cap. yesterday.

    Mohamed Friday, 25 May 2012 12:50 PM

    What a lovely country!

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