Harsha lashes out at inept SEC appointments

30 August 2012 03:13 am - 3 - {{hitsCtrl.values.hits}}

A A A

United National Party (UNP) MP and economist Dr. Harsha de Silva yesterday lashed out at the new Securities and Exchange Commission (SEC) Chairman and Commissioner Priyantha Fernando, on grounds of conflict of interest.

He also questioned about t he Finance Minister’s enthusiasm in re-establishing a fair and equitable regulatory regime at the Colombo Stock Exchange (SEC).

“Is the government’s message to go ahead and engage in fraud at the CSE without worrying about getting caught? If the Minister of Finance was genuinely concerned in re-establishing a fair and equitable regulatory regime at the CSE, would he have appointed persons with strong connections to entities being investigated for alleged securities fraud?,” he questioned.

He also queried as to whether the Finance Minister couldn’t have found three persons from hundreds of honest and untainted professionals in the country for the job.

“Is it not understood that the perception of being clean is as important as being clean; particularly in the background of serious allegations of fraud?” he questioned.

“While not quite yet accusing anyone of fraud at least two of the three appointees are connected to one or more entities what media today has reported as being investigated by the SEC. Dr Nalaka Godahewa is connected to at least Colombo Land and Development Company as its chairman and Citrus Leisure (formerly Hotel Reef Comber) while Priyantha Fernando is connected to at least Taprobane Holdings whose stock broking arm was embroiled in the now cancelled deal involving NSB and The Finance Company”

“It is noteworthy that he headed the Central Bank’s investment committee of the EPF only months prior to being appointed to the board of Taprobane. In the background where the Ministry of Finance is continuously withholding information on CSE transactions even from Parliament, it is ironic that the government sees it fit to appoint people connected to entities accused of fraud to regulate the CSE. Indeed, it is a sad new chapter that we as a country have entered in to,” de Silva said.

He further noted that actions like these will only harm confidence in the markets and discourage genuine investments sorely needed for development of the country.

“If the Minister of Finance is honestly interested in the sustainable development of Sri Lanka and the well-being of her people, then he should cancel these appointments and make fresh choices from those who are unconnected entities being investigated,” de Silva stated.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 3

wickrama Thursday, 30 August 2012 10:07 AM

horage ammagen pena ahanawa wage.

Saman Doloswala Friday, 31 August 2012 10:18 AM

We all must agree with Dr de Silva's comments. There is no that Finance Minister and officials want to cover up the corrupt practices of their near and dear. Who could do anythesing to correct this injustice in a predominantly buddhist country full of rouges at high levels..

sam Saturday, 01 September 2012 07:15 AM

I feel like this is not a mistake of the people who are governing. This is a mistake of SL. Can you remember CBK's period? All the underworlds & Thug men were CBK's security. Those all thug men did a lot sabotage acts. Nobody was responsible for them. This is a miserable situation in SL.

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Harsha lashes out at inept SEC appointments

Comments - 3

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Sri Lanka face unusual dilemma

Tharshan Selvarajah makes history as first Sri Lankan to carry Olympic torch

Kumar Sangakkara’s relative’s house, gutted by fire in Kandy

Sri Lanka now has highest visa costs in Asia: Tourism stakeholders

“Ranil Ralla” : Will Wickremesinghe ride on a winning wave?

On-arrival visa fiasco drains VFS Global’s confidence in Sri Lanka

MIRROR CRICKET

Sri Lanka Jersey for ICC T20 World Cup 2024 Released

Mitchell McClenaghan believes CSK missed Pathirana and Mustafizur in their recent loss to GT

Anderson to retire after Lord's Test against West Indies

Some players excluded from new contracts despite ICC T20 World Cup roles

TODAY'S HEADLINES

Battery-operated toys pose risks to kids

1,000 Sri Lankan mercenaries in Russia -Ukraine war front as mercenaries

Homagama jewellery shop robbed at gunpoint

SJB nominates Mujibur as MP despite request to appoint a woman representative in place of Diana

Mitchell McClenaghan believes CSK missed Pathirana and Mustafizur in their recent loss to GT

Anderson to retire after Lord's Test against West Indies

Some players excluded from new contracts despite ICC T20 World Cup roles

Former netball star Kretser to head CDTA