SEC chief to proceed with investigations
Dr. Nalaka Godahewa who assumed duties as the new chief of the
Securities and Exchange Commission of Sri Lanka vowed to continue
investigations on controversial transactions by some investors of the
Colombo Stock Exchange.When contacted for comments on his new role and
plans of the regulatory body, he said that he needs time to study the
situation before he speaks to the media.
Dr.Nalaka Godahewa, was formerly the head of Sri Lanka Tourism.
Priyantha Fernando, Sujeewa Mudalige, S R Attygalle (from the
Treasury), and Ananda Silva (Central Bank) are the other commission
members. Godahewa resigned from George Steuart Finance (formerly Divasa
Finance), a firm connected to investor Dilith Jayaweera, who has
received letters from the SEC asking for explanations regarding several
deals made by his investment firm.
Tilak Karunaratne, the former SEC chief resigned following pressure
from investors whose transactions were being probed. Probes into 17
cases were drawing to a close when he was forced to quit.
Influential investors who helped create a stock market bubble with
margin loans have blamed the SEC for a subsequent market fall after the
credit bubble collapsed taking Sri Lanka's balance of payments and the
exchange rate with it.