Former Securities and Exchange Commission (SEC) Chairman Thilak Karunaratne whose resignation caused a storm said he was willing to come forward one day and reveal facts and figures of the alleged malpractices in the Colombo Stock Exchange.
“Yes I’m willing to come out with the facts and figures, I have nothing to hide and I have no skeletons in my closet like many others,” he told the Daily Mirror.
Mr. Karunaratne made these comments when he was asked if he would be willing to come forward and disclose the names of those who are alleged to have committed “white collar crimes” if the investigations were swept under the carpet.
He said what happened in the CSE between June and December 2010 was “day light robbery.”
“Yes of course, this was most certainly day light robbery. During the conflict the market was dull and there was quite rightly euphoria after the war ended. Then the market gradually rose up. Then suddenly we find that between June and December 2010 it shot up suddenly. And this was due to manipulation. What they did was they found certain stocks which are not liquid. These stocks have no intrinsic value and they started manipulating and arbitrarily increasing the price by having trades among themselves and their crony brokers. Then what happened is that others -- the innocent, ignorant investors who were also directed by these crony brokers bought stocks wanting to make a killing and in the end were duped.”
He said that many people with a high level of integrity involved in the state sector had left their jobs due to pressure.
“Many respected professionals have left and told me that they too had to face the same fate. But I was the only one who was able to create a stir,” Mr. Karunaratne said.
He said many people accused of wrong doings still survive in top positions due to patronage by the powers that be.
“Take the Central Bank for example. It is run by an accountant when it should be an economist running it and now everything seems to have fallen apart. I shudder to think what would have happened if we won the Commonwealth games bid so vehemently supported by the CB Governor. A lot of guys accused of wrongdoing still survive and many with integrity have left in disgust,” he said.
Mr. Karunarathne said today was a disappointed man.
“When I accepted this post in December last year, I had a lot of hope and expectations that I will be able to do something constructive to put the Colombo Stock Market on the right track in reaching greater heights. Today I’m a disappointed man. I tried my best but I didn’t get the support from the people who appointed me to this position and under the circumstances I had no choice but to resign" he said. ( By Hafeel Farisz)
Comments - 55
Sarneris Saturday, 25 August 2012 06:06 AM
By keeping the secrets Tilak too becomes an indirect partner of corruption.
CHANDRAPALA Saturday, 25 August 2012 05:00 PM
No doubt, all political appointees who are holding top chairs under the present regime will play the same drama some day. CB governor, Commissioner of Election, Treasury Secretary.... There are many more in the list.
Lakwesiya Saturday, 25 August 2012 06:33 AM
This happenings will tell that there is no place for honest people in the mother land. Common people should rally to chase these bunch of thieves. Most of them are in deep sleep now......................!
Appuhamy Saturday, 25 August 2012 06:34 AM
I guess the next step is to offer him an ambassador post and send him overseas before any further damage.
Mason Monday, 27 August 2012 04:43 AM
It is a shame, today in this country we are unable point our finger at someone in power and position and say he has integrity and he is honest.
sana Monday, 27 August 2012 04:33 AM
Mr. Tilak tell us the truth and reveal the thieves to the nation
sam Saturday, 25 August 2012 06:58 AM
what else has he got to do, if he reveals the secrets his life will be under threat in this so called democratic nation. atleast he resigned as he was unable to do what he wanted to, than being a Robot which obeys orders blindly.
richardson Saturday, 25 August 2012 05:54 PM
Tell the truth and leave the country.. The man who fights and run away,will live to fight another day.
Citizen Perera Sunday, 26 August 2012 03:26 PM
Please reveal the identity of those undesirable characters who are making billions of rupees from poor innocent investors.
weha Saturday, 25 August 2012 06:48 AM
Yeap if he is so honest he should just reveal them. what is the point of been silent? is he looking for a offer he cannot resist?
Jawfer Saturday, 25 August 2012 06:52 AM
Tilak why did not expose while your were in power.
idiot Saturday, 25 August 2012 07:15 AM
Thank you for speaking out against the 'powers' who keep the wrong doers in top jobs still going. But watch out for white vans!
Fair N Square Saturday, 25 August 2012 05:53 PM
way too many manipulators came to SL , made their money and escaped.. yes to Australia, England, USA, France, Germany and Canada... they got around the crony brokers that he talks of.. Sadly poor SL investors had to bite the dust... Hope someone files a case in courts.. or by public outcry and petition..
Don Saturday, 25 August 2012 06:39 PM
seetha Saturday, 25 August 2012 06:44 PM
By not revealing the names now, he is putting his life in danger Also not fair by innocent investors.
Jayantha Monday, 27 August 2012 05:21 AM
I am very surprised that @Tilak K gave up. I never thought he was a quitter...
Jehan Perera Saturday, 25 August 2012 07:35 AM
This man is a remarkable man and honest. Has has guts to come out and tell the truth. It is sad that govt institutions are losing people like him. The credit should go to the President to appointing him but the President should take the blame for not supporting him.
This Mafia is so powerful and has misled the top. It was relealed at a Press Conference recently. Also Thilak K is not in a position to reveal names at this time since he is bound by work ethics abd rules and regulations. but if COPE asks he can.
Any way welldone Sir. At least you told the world the truth and now we know
Ganesh Saturday, 25 August 2012 07:26 AM
Will he able to reveal the facts under present regime? Any way hats off to him for coming out from the dark room. His comment on CB governor absolutely correct. At least now Accountant should go home to save the nation.
silva Saturday, 25 August 2012 07:33 AM
We all know that thousands of innocent people have lost a lot money because of these crooks with no conscience. Show us you are a man of integrity , and expose the manipulators !
Sim Saturday, 25 August 2012 09:34 PM
We need solutions not answers. A person who dosent want to revel the truth is also helping the crooks.
Puswedilla Sunday, 26 August 2012 05:28 PM
Kussi amma Perera go fight another sara...
nandasiri Saturday, 25 August 2012 09:57 PM
What work ethics you are talking about? Something illegal happened under his tenure as chairmanhe kept quiet and got the sack. Now he is talking about revealing everything unless he gets a diplomatic posting and you call him a honest man!!!
Bandara Saturday, 25 August 2012 07:49 AM
This is bravo! We should salute him. He not only resigned by refusing to support the crooks who keep the top politicians in ther hands by spending in political campaigns, but also make a huge voice from outside to hinder their daylight robberies. Please be careful of white vans. In this country money can kill honest people
short Trade Saturday, 25 August 2012 10:08 PM
Why don't you do it now? Why wait until later? You are also like all talk and no action like the General who messed up things for him self. I also read your int with Divania but there is nothing either!
You were given a job to take the brokers to task and you failed! END OF STORY!
Ajith Monday, 27 August 2012 05:29 AM
I am new to market.I invested small amount at a price of Rs 3.20 per share .I blindly said ok because i new nothing and agent told me that was a good price.Then suddenly price crashed to Rs 2.40 and when I did lit bit of research I realised that was overpriced and will take another 2,3 years to come to that price if it ever comes.Now I have realised these brokers are part of the mafia and they lie and sell shares to you and they get that money indirectly from their mafia circle.I want to warn readers so that they do not loose their hard earn money and not to be fooled by so called brokers.Invest after doing your own research and if you lose let it be, atleast you are not fooled by anybody as it happened to me.
R Rajapakse Saturday, 25 August 2012 07:57 AM
careful you end up in a white van
roger Saturday, 25 August 2012 08:01 AM
I am worried for his life, Being Honest makes him a target and when something goes wrong the SL Govt would always say "INQUIRY" with a dead end.
Kamal Menezes Saturday, 25 August 2012 07:49 AM
When one listens to all the various opinions expressed regarding the objectives and aspirations of the SEC chairman, does it not bother the average investor that Tilak Karunaratne has not come clean up to now about one single person who has manupulated this market, nor mentioned what he has achieved during 8 months in the saddle.
Dinesh Saturday, 25 August 2012 08:09 AM
Reveal them now Sir, specially the stock broker's names. In my book they are the worst criminals.
Never get advice from stock brokers in Sri Lanka.
gona Saturday, 25 August 2012 11:30 PM
if he revels the whole truth ... he gets a vist from the underworld .... democracy to th efullest
M. Silva Monday, 27 August 2012 05:48 AM
Why bother in the miracle?
Imran Hussein Saturday, 25 August 2012 08:16 AM
Thats really brave to shoot it.
ChamaraJ Sunday, 26 August 2012 01:14 AM
We deserve to knowthe full story and the people who were involved deserve a stint in Jail. We don't want to see short jabs at these people Mr.TK, come out with it and give us a TKO, then you will be our undisputed champion !!!!!
mangala Sunday, 26 August 2012 01:13 AM
Tell the truth sir . do not be scared, people will treat you as a true patriot.Tell without fear and favour that Perera Duo are the biggest thieves in the country and they are no1 and 2 of the crooks list.
roger Saturday, 25 August 2012 08:17 AM
Are you for real, Hello back to earth Kamal Menesssss It was a prob and Investigations can not be reveled until such time, you need to bring formal charges with Attorney Gen Office to start revel the culprits . His plan was to take it to court but was not allowed by the "Top"
Nalin Perera Monday, 27 August 2012 06:02 AM
The Stock market will never be corrected. All the Brokers know who the manipulators are. They themselves live in the lap of luxury benefiting from the ignorance of the vast majority of investors. The Mafia includes, very high State officials, Brokering firms, Brokers and a few high net investors. If Thilak K. reveals all these names he is a "Dead Duck".
Upul Saturday, 25 August 2012 08:38 AM
Yes. You have to stay until law an order establish in Sri Lanka . This "one day" will become the day country establish the all independent commissions.
RAZA Sunday, 26 August 2012 02:11 AM
ALL KNEW WELL WHEN TILAK TOOK THE APPOINTMENT, HE WILL BE NOT ALLOWED TO WORK WITH FREE HAND. TILAK SHOULD HAVE KNOWN THIS. BUT HE WAS THE BEST MAN AS THE INVESTORS ARE CONCERNED. HE WILL NOT TAKE ANOTHER GOVERNMENT POSITION AS INDRANI DID,
buffaloa citizen Monday, 27 August 2012 05:53 AM
Sinhalese patriotism is one thing and Sri Lankan patriotism is another. Examples of Sinhalese or Tamil patriotism is MR and Pirabakaran. MR won the war due to his sinhalese patriotism however he is not a Sri Lankan patriot to sort the problem amicably as a Statesmen due to ingrained bias. Unfortunately, Sri Lankan patriots are hard to find...probably 1% of the population. In countries like India, people are nationaly patriotic and not "race patriotic", that is why despite having 2000 races and 12 religeons, India does not have the same racism as that found in Sri Lanka.
Dutugemunu-1 Saturday, 25 August 2012 08:21 AM
One of the bravest persons in recent time.He should revel these names and then government will have to act .Other option is opposition to take this matter very seriously but unfortunately no opposition with backbone to do it .
ACA Saturday, 25 August 2012 08:42 AM
MR, Karunaratne,Do it now or never. You resignation alone will not bring these thieves shame.
Jagath Leanage Sunday, 26 August 2012 02:37 AM
You tried to wash "Dirty Linnen" I suposed which cant under administration of M.R.
Nilendra Sunday, 26 August 2012 05:18 AM
dont forget that it was very much apolitical appointment and he was behind presidents back asking for some position. ( he has admitted tihs to media) he was appointed by HE. if he thinks are HE is sorouned by crooks why did he accepet this post. people, please get the facts straight, he is trying to do cheap politics with SEC. what is he trying to do ruin the market. this way he is not helping any poor people. wait and see he will soon be ended up in another political party.
Nari Sabry Sunday, 26 August 2012 05:13 AM
Look behind. White van coming soon.
master Sunday, 26 August 2012 05:25 AM
These are " boru" honest people. Just because he didnt take the salay from SEC he dosent become honest. REmember how he forcibly took SL's seat and went to parliament. And ruined Sinhala Urumaya and the real cause of true petriotic people of this country.
Lakmal Tuesday, 28 August 2012 06:10 PM
It was unsuccessful with two previous Chairmen. I believe they both wanted to establish a proper ethical environment in SEC. May be they will do it right this time by appointing a well known crony, who knows who it will be???.... NALAKA MAY BE????
indeewara Sunday, 26 August 2012 05:53 AM
well said Nilendra...
ANURA Monday, 27 August 2012 07:52 AM
Well done sir. But the honest talk only will not do anything. You have to come out with facts and figures and have to prove your case beyond doubt at relavent places. Otherwise these people will continue to rob the country in broad day light. Gather courage and try to tell facts direct to MR and Gota if you suspect foul play. Also blow the whistle properly so that the general public will open their eyes.
Jehan Perera Sunday, 26 August 2012 11:50 AM
For those who still cant understand why he cant reveal names at this time - because the investigations are still not over. he cant name them till the SEC finish those investigations. he was about to complete those and the mafia got rid of him before that. If he reveals those names now, those parties can sue him. the new Chairman of the SEC should finish those and the names will come out then. But Thilk K must be having information how this "mafia" did their manipulations
ceylon Saturday, 25 August 2012 03:34 PM
You have to be a crook to survive in SL.
anura7 Saturday, 25 August 2012 03:18 PM
Hats off for you sir!
suda Sunday, 26 August 2012 01:22 PM
I remember Hashan Thilakaratne.... nothing came out of it.. With Tilak,,?? same story,, we will wait and see...
Nodrog Sunday, 26 August 2012 02:01 PM
Saying this to win publicity? Should just spill the beans instead of waiting to build up an audience first
Chamilkaru Monday, 27 August 2012 08:50 AM
The man behind this is the VVIP. He must be arrested .
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